(November 19, 2010) -- Fabless company Picochip Limited (Picochip), femtocell technology and silicon provider, completed a new $9 million debt facility with Silicon Valley Bank, the commercial banking division of SVB Financial Group (Nasdaq: SIVB). The facility consists of a $4.0 million three-year term loan and a two-year $5.0 million working capital line of credit. The combined facility will provide Picochip with access to additional working capital to support growth.
"Picochip is constantly driving to develop and commercialize innovative approaches to mobile voice and data services, with femtocells deploying and LTE following. We believe this debt facility will serve as a solid foundation for our rapid growth, providing us with the financial flexibility needed to stay ahead of the curve," commented Nigel Toon, CEO of Picochip. Picochip has worked with Silicon Valley Bank since 2004.
Separately, Picochip has announced significant expansion in its worldwide operations. The company has moved to a new headquarters and engineering center in its home city of Bath, UK; acquired an advanced test laboratory in Cambridge, UK; and announced plans to double the size of its development centre in Beijing, China.
Backed by Atlas, Highland, Intel, SEP, Pond and Rothschild, Picochip was the first company to launch a femtocell chip and has capabilities in silicon design, wireless tools, software and systems integration. Learn more at http://www.picochip.com/
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