TranSwitch Corp said it raised USD 2.5 million in equity investment from private equity company Ilex Partners. Based in Shelton, Connecticut, TranSwitch Corp is a semiconductor maker providing intellectual property (IP) and innovative integrated circuits (IC) solutions to telecommunications and consumer electronics firms. It also offers communications processors. For the Fixed, 3G and 4G Mobile, VoIP and Multimedia applications, the semiconductor firm gives System-on-a-Chip (SoC) solutions.
Proceeds from the round would be allocated for working capital and general business purposes. President and CEO of TranSwitch Corp Dr. M. Ali Khatibzadeh welcomed the new investment from the investment firm managed by Michael Steinhardt. "This equity investment comes at a critical juncture of the company's transformation and will have a significant impact on the growth of our new video connectivity business without taking on debt," he added.
TranSwitch Corp also said it had granted Ilex Partners the right to invest another USD 2.5 million to their company. The additional equity investment would be made within six months.
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