Newly private chipmaker Conexant Systems Inc. of Newport Beach has raised an undisclosed amount of funding from a Menlo Park venture capital firm.
August Capital made the investment in Conexant, which makes chips for multifunction office printers, digital picture frames, PC speakers and other devices and has annual revenue of $200 million.
Andy Rappaport, a partner at August Capital, is joining Conexant’s board with the investment.
The investment comes about a month after Conexant went private in a $282 million buyout by San Francisco-based private equity firm Golden Gate Private Equity Inc.
“I am pleased to announce August Capital’s investment in Conexant,” said Sailesh Chittipeddi, Conexant’s chief executive. “Having both a top-tier venture capital firm and a top-tier private equity firm as our investors is a huge endorsement of Conexant’s market-leading positions and growth potential.”
Without the quarterly glare of public investors, Conexant is looking at business lines, new markets, positioning and branding, according to Chittipeddi.
“Our focus is entirely on growth. I don’t see challenges on profitability,” he told the Business Journal earlier this month.
