Cradle closes Series B-1 Round at $21.5 M

By SiliconIndia   |   Tuesday, 24 June 2003, 07:00 Hrs
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Cradle Technologies, a developer of software programmable system-on-a-chip devices, announced that it has completed an oversubscribed $21.5 million round of venture funding.

MOUNTAIN VIEW, CA: After raising $11 million in a Series B-1 recapitalization round in January, it closed the round with another $10.5 million in venture capital. To date, Cradle has raised $62.5 million.

The series B-1 funding round added new investors NeoCarta Ventures, Prodea, and East Gate Capital to a number of existing investors that also participated in the round including Smart Technology Ventures, Charter Ventures, Mingly Capital, Winston Partners and others.

Cradle also announced the appointment of Scott Gibson as chief financial officer and the added three new members to its board of directors.

"With a strong commitment from our investors and new additions which strengthen our senior management team and board of directors, we are well positioned for rapid revenue growth," says Arthur Chang, CEO and president of Cradle.

Cradle previously announced design wins and partnerships in Taiwan and a partnership with Infomedia Network, a Houston-based company focused on Session Initiation Protocol (SIP) enabled video communications services.

Suhas Patil, Chairman and Satish Gupta, senior vice president, business development, founded Cradle.

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