Esprit re-invests in SiConnect

Esprit Capital Partners has invested a further £0.7m in the £2.8m Series B funding of the UK fabless semiconductor company.

Esprit Capital Partners, a UK venture capital firm formed from the merger of Cazenove Private Equity and Prelude Ventures earlier this year, has invested £700,000 in a £2.8 million (€4.17 million) second round financing of SiConnect, a silicon and software solutions provider.
Co-investors in the second round financing were The Dow Chemical Company and TTP Ventures. The three investors injected £2.8 million in a first round funding in March 2005, with Esprit Capital Partners providing £750,000 at that date.
Following the latest investment, Esprit Capital Partners has a 29.2 percent stake in SiConnect through its Prelude Trust fund, a quoted investment trust capitalised at approximately £46 million.
Esprit Capital Partners has also previously invested alongside The Dow Chemical Company and TTP Ventures in ZBD Displays, a UK liquid crystal display manufacturer in which Prelude owns a 33 percent stake.
Based in Swindon, SiConnect is a fabless semiconductor company developing powerline communications technology for multimedia home networking applications. The company’s products enable consumer electronic devices to use existing domestic electrical wiring to transport audio, video, voice and data throughout the home, rather than through Ethernet or wireless systems.
Esprit Capital Partners was formed from the spin-out of Cazenove Private Equity from Cazenove Capital Management and subsequent merger with Prelude Ventures in March of this year.
Headed by Simon Cook, formerly an investment director at Cazenove Private Equity, the London and Cambridge-based business has over $500 million under management. Other investments this year include EnvironmentIQ,, Tagsys, RFID, Lagan Technologies, Xanadu Wireless and Newnham Technology.