April 25, 2007 -- Royal Philips Electronics announced that Silicon Hive, a venture within Philips Technology Incubator, has been spun out as an independent company as of April 16, 2007. New Venture Partners, TVM Capital and Philips have together invested $10 million in the new company. Philips retains a minority stake.

The investment enables Silicon Hive to implement its ambitious growth plans by scaling its commercial operations worldwide, and allowing further investments into new product development. As an independent semiconductor IP supplier, Silicon Hive has the freedom to license to the entire electronics industry. The new company will have offices in Eindhoven (The Netherlands), Silicon Valley (United States), Seoul (Korea) and Bangalore (India).

"Our silicon-proven cores are now starting to penetrate tier-one semiconductor companies supplying major mobile phone and consumer electronics companies," says Atul Sinha, CEO of Silicon Hive. "By leveraging award-winning Philips technology and solid investment from New Venture Partners and TVM Capital, Silicon Hive can now accelerate its growth plans and exploit this huge business opportunity."

Silicon Hive was formed four years ago to commercialize Philips Research’s technology in programmable solutions for consumer and mobile devices. Since then, the company has launched a product portfolio consisting of tuned processor cores for communications and media processing applications as well as a sophisticated hardware and software design flow to enhance designer productivity.