San Jose-based QuickSilver Technology has raised $20 million in the first stage of its third financing round, which is expected to come to some $40 million. The American startup develops data adaptive computing machine chip technology intended for wireless communications and m-commerce.
The round was led by a strategic investor whose name was not disclosed. Previous investors include the American-Israeli fund Portview Communications Partners, JP Morgan, and TechFund Capital.
Portview gave QuickSilver a bridge loan that was converted into shares and has invested in QuickSilver since the first round.
Portview said that there is a huge need in the market for QuickSilver's unique technology, whose sales potential is very large. Portview said it believes that QuickSilver's chip-development expertise will realize this potential in the near future.
Portview's policy is to invest some $6 million in each of its portfolio companies. To date it has invested about $4 million in QuickSilver, some $3 million in the first round, and over $800,000 as the bridge loan.
Portview said that it is keeping capital for future investments in QuickSilver. It is therefore likely that Portview's investment in the present round was about $1 million.