Raytheon has launched a venture capital-backed start-up. TelASIC Communications is a fabless semiconductor company based in El Segundo, CA that will design application specific ICs based on Raytheon’s radio frequency (RF) technology.
TelASIC has already secured $22.5 million in first-round financing from venture capital partners, including Com Ventures, Mission Ventures, Redpoint Ventures and Raytheon itself. In addition to backing from venture capitalists, Raytheon has partnered with Milcom Technologies to launch the new company. Milcom is a Florida-based venture development concern thatspecialises in technology spinouts from the defence industry.
Raytheon will own approximately 20% of TelASIC and both the technology and the core team needed to create TelASIC will be spun out of Raytheon’s $8 billion electronic systems business.
TelASIC has selected Tony Giraudo to be its chief executive officer. Giraudo has more than 20 years of experience in the semiconductor industry. Prior to coming to TelASIC, Giraudo was a vice president and general manager at Atmel Corporation.
TelASIC is Raytheon’s second spin off since the formation of Raytheon Commercial Ventures Inc (RCVI), a Raytheon subsidiary responsible for exploiting the commercial value of defence technologies, largely by creating equity interests for Raytheon in stand-alone commercial businesses.