INDUSTRY

IC Media announced today that it has concluded its Round C of financing with key manufacturing, module and distribution partners and their affiliated venture capital funds. UMC Capital led the $22.5 million financing round, proceeds of which will be used to help the company fund towards a faster production ramp, as well as for general corporate operation. In connection with the financing, the board of directors of IC Media will be reconstituted. The new board will consist of Chairman Ben Wu, President Richard Char, UMC Capital President Duen Chian Cheng, the Chairman of Taiwan based First International Computer Ming J. Chien and two additional outside board members, who will be named shortly. "UMC Capital is pleased to have led this round of funding for IC Media," said Duen Chian Cheng, president of UMC Capital. "The company's imaging solutions show great promise as applications for their innovative product family continue to grow. We look forward to being a part of the company's future success."