DisplayLink Corp., a Palo Alto, Calif.-based fabless semiconductor manufacturer that focuses on network displays, has raised $24 million in Series C funding. DAG Ventures led the deal, and was joined by return backers Atlas Venture, Balderton Capital and DFJ Esprit. The company has now raised around $51 million in total VC funding.
DisplayLink today announced it has received $24 million in a Series C venture capital round led by new investor DAG Ventures, with participation from existing investors Atlas Venture, Balderton Capital and DFJ Esprit.
The funds will be used to accelerate product development and revenue growth and to strengthen DisplayLink’s leadership position in the rapidly accelerating network display market. To date, the company has raised a total of $51 million of capital.
DisplayLink develops semiconductor and software solutions for network display applications that enable seamless and high-quality connections between computers and displays using standard wired or wireless networking protocols. Display, PC, projector and PC accessory manufacturers use DisplayLink’s technology to build USB-based products including universal laptop docks, adapters and monitors. The company’s announced customers include I-O Data, IOGEAR, Kensington Technology Group, LG, Ratoc, Samsung and Toshiba.
“The simplicity of USB-enabled multi-monitor computing has taken off and is on its way to becoming a mainstream business and consumer electronics phenomenon,” said Hamid Farzaneh, DisplayLink President and CEO. “DisplayLink is successfully driving this shift, which is reflected in the strong support we have from our world-class investors.”
“We’ve led this funding round because of the tremendous traction we’ve seen for DisplayLink’s products and because of the team’s proven ability to execute on a complex but very powerful strategy,” said Young Chung, Managing Director of DAG Ventures. “We believe that DisplayLink has the right mix of talent, technology and customer-centric vision to create an industry powerhouse. I look forward to working with Hamid and the team to help DisplayLink achieve its full potential.” Chung will serve as an observer on the company’s board of directors.
About DAG Ventures
DAG Ventures is a venture capital partnership investing in and helping outstanding entrepreneurs create leading, long-term companies across a range of markets. With roots from the 1980’s in cable TV, infrastructure, media, and wireless industries, the partnership today is privileged to work with world-class entrepreneurs as they build tomorrow’s leaders in the information technology, energy, and life science sectors. For more information, see www.dagventures.com.
About Atlas Venture
Atlas Venture is a leading early-stage international venture capital firm that invests in technology and life sciences businesses in the U.S. and Europe. Since its inception in 1980, its partners have helped build over 300 companies in more than 15 different countries. In the past decade, 25 portfolio companies have been acquired and 37 are now public companies with an aggregate market capitalization of over $12 billion. Atlas Venture is currently investing from its seventh fund and manages over $2 billion in capital through offices in Boston, London, Munich, and Paris. For more information, visit www.atlasventure.com.
Balderton (www.balderton.com) is one of Europe’s largest venture capital firms, committed to finding and helping talented entrepreneurs build great companies. Based in London, it manages approximately $1.5 billion. Since 2000, Balderton has invested in over 70 companies across a wide variety of technology sectors and geographies, including throughout Europe, and the US and China. Notable investments include Alphyra (Europe’s largest payment processing network), Bebo (the leading social networking site), Betfair (the largest online betting exchange), Habbo Hotel (the teen social networking site), MySQL (the open-source database business) and Setanta Sports (Europe’s leading sports pay-tv broadcaster).
About DFJ Esprit
DFJ Esprit is a top-tier, European technology venture capital firm. Members of the DFJ Esprit team have been active in technology investing since 1985 and have experience of investing in over 130 companies and generating strong returns for investors through building valuable companies alongside the founders and management teams. The DFJ Esprit partners have invested in many of Europe’s most successful venture exits of recent years. Over the last 16 months, DFJ Esprit has been one of the most active investors in Europe, making 23 investments in this period. The readers of Private Equity Online and Private Equity International selected Esprit as the European venture capital firm of 2006. In addition, Esprit won the Venture Capitalist of the Year Award 2006 at the UK Technology Innovation and Growth Awards. The DFJ Esprit group has offices in London and Cambridge, UK, and invests across Europe. For further information, please visit www.dfjesprit.com.
DisplayLink Corp. is a network display chip and software company that creates simple connections between computers and displays via USB, making the benefits of expanded visual workspace available to everyone. Using universally accepted wired or wireless networking protocols and proprietary software compression techniques, graphically rich content can be transmitted easily between a single device and multiple displays and enjoyed in a more organized and productive way.
Leading global manufacturers have integrated network display technology into an array of consumer electronics including USB-enabled monitors, video docking stations and display adapters. Because of the unique ability to unleash content from hardware to multiple screens, an array of innovative devices is on the horizon. Founded in 2003, DisplayLink’s venture backers include Atlas Venture, Benchmark Capital, DAG Ventures and DFJ Esprit. The company is headquartered in Palo Alto, CA, with main R&D and product development activities in Cambridge, UK. More information can be found at www.displaylink.com.