December 2, 2002 - San Jose, CA - GCT Semiconductor, Inc.,
a leading provider of radio frequency (RF) integrated circuits
for wireless devices, announced today that it has successfully
completed the closing of its $38 million Series C equity round.
The Series C round was led by Pequot Ventures, and other
participants included National Semiconductor Corporation,
Pericom Semiconductor Corporation, UOB Venture Management,
3V SourceOne Ventures, Mizuho Capital, ITX International
Equity. When added to the previous round of finacing led by
the company's founding venture investor, Parakletos @ Ventures,
this comes to a total of $54 million the company has raised
since it's inception in 1998.
The company will utilize the new capital to transition its
products from sampling into mass production, expand its
geographical marketing presence and distribution channels, and
continue developing innovative products based upon its
patented direct conversion architecture. GCT currently has an
international presence, consisting of its headquarters in San
Jose, California, and offices in Seoul, Korea for Research &
Development and Asia Pacific sales and marketing functions.
GCT's patented direct conversion architecture is the basis for
all of its RF designs. This versatile RF architecture can
support many of the wireless communication standards,
including CDMA, GSM/GPRS, 802.11b/g, and Bluetooth. Further,
all of GCT's devices are designed for fabrication on
Complementary Metal Oxide Semiconductor (CMOS) process
technologies, which provides design integration possibilities,
reliable manufacturing yields, and the proposition for a lower
bill of materials than many competitive products currently on
Initial products based on GCT's strong proprietary RF CMOS
technology have been introduced to the CDMA, GSM, and 802.11b
markets. Samples for these products have been distributed to a
select group of customers that serve the wireless equipment
industry. The company's future plans include introducing new
radio designs that support additional standards, which will
substantially increase the company's addressable market.
"The capital we have raised is a measure of the strong faith
from our investors in our company's management and value
proposition to the wireless device markets," commented Dr.
Lee, President and CEO of GCT Semiconductor. "The positive
feedback that we have already generated from our diverse
customer base also indicates that our direct conversion
architecture has excellent performance in their applications,
and our future products will continue to save them development
time and costs."
GCT Semiconductor is a fabless semiconductor company that
designs, develops and markets innovative integrated circuit
solutions for the wireless communications industry. The
company's patented direct conversion architecture, which is
the basis for GCT's radio frequency (RF) core, can efficiently
support multimode applications and be fabricated on standard
CMOS processes. The company's Web site can be found at
GCT Semiconductor, Inc.
Phone: (822) 2167-1129