CSR Announces Completion of $19 Million Fund Raising

10/4/2002 - CSR, (Cambridge Silicon Radio), the leading provider of single-chip radio devices and the industry’s first single-chip BluetoothTM solution, announced that it has secured $19 million of new funding following a successful private equity placement. The round was led by LDC and Scottish Equity Partners, with participation from existing institutional investors. CSR will use the funds raised to expand market activities and further invest in the development of its single-chip Bluetooth solution and complimentary wireless communications technologies. CSR is advised by Credit Suisse First Boston’s Technology Group in London.

"Following the significant progress we have made over the past 12 months and the future potential of the single-chip wireless communications market, the Board decided that this was the right time to examine further funding opportunities," said John Hodgson, Chief Executive Officer, CSR. "I am very pleased that we are now able to announce the completion of a successful round of additional funding. The funds raised will enable us to build on our success to date, expand our marketing efforts, and provide working capital to fund the further investment in product development and production ramp."

Hodgson continued, "The continued support received from the investment community is a positive endorsement of the potential we see for CSR in the future. We look forward to continued success as we take full advantage of the dynamic growth market in which we operate."

The Bluetooth semiconductor market is now starting to achieve significant growth. According to IDC, the market is expected to reach $2.6 billion in revenue by 2006, up from $76.6 million in 2001, with widespread adoption expected during 2003. With 57% of Bluetooth qualified product designs being powered by CSR pure single-chip solutions, CSR is well positioned to benefit from this growth.

About CSR
CSR (Cambridge Silicon Radio) specializes in providing single-chip radio devices to the global market for short-range wireless communications, including BluetoothTM. The company’s mission is to create the most highly integrated radio devices available, fabricated using standard CMOS technology, to provide its customers with the lowest cost of ownership of high quality digital radio.

CSR was the first company in the world to offer a true single-chip Bluetooth solution with BlueCore, a fully integrated 2.4 GHz radio, baseband and microcontroller. In Q4 2001 CSR released BlueCore2, its second-generation family, and offers developed hardware/software bundles for each of the fastest growing Bluetooth applications markets. Users can combine the chips with the CSR Bluetooth software stack to provide a fully compliant solution for data and voice communications or, used with an upper layer host software stack, CSR is able to offer a complete Bluetooth end-to-end solution.

CSR has a growing list of major international companies including Microsoft Corp., Samsung, Sony, Compaq, IBM, Fujitsu, LG, ALPS, TDK, 3Com, Mitsumi, Siemens and Motorola, who have already used CSR’s BlueCore in the development of a range of Bluetooth products. In fact, up to the end of 2001, 70% of available pre-qualified modules, as listed on the qualified products page of the Bluetooth Special Interest Group (SIG) web site, feature BlueCore and it is in 57% of all qualified Bluetooth v 1.1 enabled end product designs. CSR is headquartered in Cambridge, UK, with offices in Richardson, Texas; Tokyo, Japan; Singapore and Aalborg, Denmark.

About LDC
LDC is the leading UK venture capital company in the mid market sector, operating from 8 offices throughout the UK. The Group invests in medium sized businesses, and provides funding for management buy-outs, buy-ins and growth. In 2001, LDC invested £115 million in 28 companies, and a portfolio with an estimated value of £1.25 billion.

About Scottish Equity Partners
Scottish Equity Partners (SEP) is Scotland’s leading venture capital company and invests in emerging technology businesses throughout the UK. The SEP investment team has over 50 years’ venture capital experience and an excellent track record in backing companies across various sectors including software, communications and electronics.

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