Adara completes two new investments, first Exit
Adara Ventures SICAR, has completed investments in Zaragoza-based Advanced Digital Design S.A., a developer of narrowband PLC (power-communication) chips; and UK-based Cambridge Broadband Ltd., a provider wireless point-to-multipoint telecom transmission equipment. Adara has announced its first exit, with the completion of the sale of Eyesquad GmBH,developer of optical front-ends, to Tessera Technologies (Nasdaq: TSRA).
Advanced Digital Design (ADD) is a provider of cutting edge PLC solutions that enable low cost, reliable and robust communication over the existing electrical wiring infrastructure. A fabless semiconductor design company, ADD’s integrated circuits have applications in home networking, AMR (Automatic Meter Reading), industrial automation and control, and smart building design. Adara has been the sole investor in the venture’s first institutional round, which provides funding to strengthen the organization, build a commercial team, and bring its first products to market. An Adara source indicates: “ADD is pursuing a large-scale market opportunity from a strong base, given the IP assets the Company has developed and secured.”
At Cambridge Broadband Ltd (CBL), Adara has participated in the USD 22.5 million Series E round, alongside earlier investors, Amadeus Capital Partners, Accel Partners, and TVM Capital. Founded in 2001, CBL trebled sales in ’06 (vs. ’05), and expects continued rapid growth as it focuses on providing its compelling transmission technology for critical backhaul applications to mobile network operators around the world. Adara explains: “Cambridge Broadband has a unique solution that is perfectly placed to help resolve the infrastructure problems cellular operators are facing as their networks continue to grow and are upgraded to 3G+ technology. VectaStar has already proven its world-class performance in this area, and we are very pleased to come on board as an investor as the company continues to grow.”
Also in recent weeks, Adara recorded it’s first investment exit, with the completion of the sale of Eyesquad to Tessera for USD 20.16 million, initially announced on January 31st. Eyesquad was founded in early ’05, to develop optical front-end technology that allows for enhanced micro-camera functionality. Adara and Baytech Venture, have been investors from the outset. Throughout 2006, Eyesquad has made excellent progress in the development and design of its digital auto-focus and optical zoom solutions for camera phones and other applications. Tessera Technologies is a provider of miniaturization technologies for the electronics industry, providing a broad range of advanced packaging, interconnect, and optics solutions for application in computing, communications, as well as consumer, medical and defense electronics. Adara comments: “Eyesquad’s team has executed extremely well and the company’s technology quickly came to be highly valued by major corporate players in this space. We aim to back ventures, not only on the basis of product focus, but also of management caliber and our ability to accelerate the venture’s development to the point of a successful and timely exit.”
About Adara
Adara is a venture capital firm which invests in globally-oriented ICT ventures that address Spain and related markets, and which seeks to leverage its investing and operational experience to provide decisive support to the development of portfolio companies. Adara’s portfolio of investments presently includes ventures in the following areas: mobile applications, business process management software, business intelligence, telematics, telecommunications technology and PLC. Banque Privée Edmond de Rothschild Europe is Adara Ventures’ custodian and administrative agent.
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