NEW YORK – By marrying two startups – each solid but neither quite ready for its IPO honeymoon – to form “a new superset company,” Tony Stelliga believes he can ensure that the bride and groom, RedMere (Cork, Ireland) and Fresco Microchip (Toronto, Canada), will live happily ever after.
Stelliga is the incoming president and CEO of Spectra7 Microsystems, the eventual “superset company.” Its business is focused on designing a system-level solution for fast-frequency agile interconnects. He likes to describe the deal as “one plus one is three.”
Does the math add up? Is the Honeymoon Suite a little too crowded?
According to
the announcement made Tuesday,
RedMere and
Fresco Microchip, two privately-held chip startups that have taken more than $80 million in venture funding, will merge with Chrysalis Capital VIII Corporation to create Spectra7 Microsystems, a high performance analog semiconductor company. Spectra7 plans to raise over $10 million in equity, including investments from venture capital firms, such as Celtic House Venture Partners, EdgeStone Capital Partners and Ventures West.
