Chinese VC-backed semiconductor specialist files for US IPO
VeriSilicon Holdings, a China-based semiconductor design services provider backed by several VC investors, has filed for a US IPO.
Pricing terms have yet to be disclosed.
According to a regulatory filing, Austin Ventures and Sierra Ventures each hold a 12.09% stake in the company. VantagePoint Venture Partners and Walden Riverwood Ventures own 6.15% and 5.45%, respectively, while Pudong Science and Technology Investment has 5.17% and WestSummit Capital owns 5.03%.
The firm previously received at least five rounds of funding between 2001 and 2011, raising a total of $62.8 million. Other investors included IDG Capital Partners, International Finance Corporation (IFC), Intel Capital and Legend Capital, AVCJ Research's records show.
Founded in 2002, Shanghai-based VeriSilicon is a silicon platform as a service (SiPaaS) company that helps customers bring to market custom silicon solutions that address a range of applications. These applications include mobile devices, networking, wearable electronics, smart homes and automotive electronics.
Revenue fell from $77 million in 2011 to $75 million in 2012, but increased to $127 million last year. However, the company has yet to turn a profit. It reported a net losses of $27 million in 2011, $26 million in 2012 and $28 million last year.
The underwriters for the offering are Barclays, Jeffries, Wells Fargo, Stifel and Oppenheimer.
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