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Culture

iPod chipmaker nabs $42 million

PortalPlayer, whose chip powers Apple Computer's iPod, has received its fourth-round funding--the last round of financing before the company files for an IPO.

    PortalPlayer, whose chip powers Apple Computer's iPod, has received $42 million in fourth-round funding.

    The lead investors in the latest round of funding were J.P. Morgan Partners, Investcorp International and Shamrock Capital Advisors. Other investors in PortalPlayer include CIBC World Markets, Linear Technology, LSI Logic, the Band of Angels Fund, Thomas Spiegel and Portal Partners.

    "We kept a sharp focus on providing a complete platform solution throughout the most severe boom-and-bust cycle ever experienced in the technology industry," PortalPlayer CEO John Mallard said in a statement. "The company is now shipping technology platforms for hard disk-equipped jukeboxes, and is ideally positioned to capture market share in this very hot product category."

    PortalPlayer, which was founded in May 1999, designs chips and software for digital audio players. So far the company has no announced customers, although its participation in the iPod is well documented.

    The Santa Clara, Calif.-based company has 170 employees, including those at its headquarters, as well as offices in Seattle; Hyderabad, India; and Charlotte, N.C.

    A PortalPlayer representative said the new funding, which follows the $38 million raised in prior rounds, is designed to be the last round of financing before the company files for an initial public offering, although the company does not have a time table for going public.