Simtek gets $3 million

Chipmaker Simtek said Monday that it has raised $3 million in funding from Renaissance Capital Group. In exchange for the financing, Renaissance will receive debt notes that are convertible under certain conditions to stock at 31.2 cents a share. Renaissance will also occupy a seat on the Colorado Springs, Colo.-based company's board of directors. Simtek said in a statement that it will use the cash for working capital purposes to support its growth plans. The company designs chips for computer data storage systems, industrial control computers, and office equipment such as fax machines and copiers.

July 8, 2002 6:30 p.m. PT

Chipmaker Simtek said Monday that it has raised $3 million in funding from Renaissance Capital Group.

In exchange for the financing, Renaissance will receive debt notes that are convertible under certain conditions to stock at 31.2 cents a share. Renaissance will also occupy a seat on the Colorado Springs, Colo.-based company's board of directors.

Simtek said in a statement that it will use the cash for working capital purposes to support its growth plans. The company designs chips for computer data storage systems, industrial control computers, and office equipment such as fax machines and copiers.