Lake Forest-based Newport Media Inc., a startup maker of chips for digital audio and mobile TV, said Wednesday it landed $15 million in a round of venture funding.
The round was led by Palo Alto-based Pinnacle Ventures and included previous investors Westport, Conn.-based Oak Investment Partners, Benchmark Capital, Venrock, Global Catalyst Partners, DAG Ventures LLC, which are all in the Bay Area.
Newport Media, which was started in 2005, is one of Orange County’s best-funded chip startups with some $80 million raised to date.
The company’s chips allow mobile TV applications to run on cell phones and other devices.
“Completion of series D financing signifies Newport Media’s evolution into a very high volume system semiconductor company,” Chief Executive Mohy Abdelgany said in a statement. “Securing the necessary working capital is the last step needed to ensure our ability to capitalize on our significant design wins over the last several years.”
The company hasn’t named any of its customers.
Newport Media has close ties with another local veteran chipmaker, Newport Beach’s Conexant Systems Inc.
Dwight Decker, former chief executive and current board member, joined Newport Media’s board a few years ago.
Before starting Newport Media, Abdelgany headed up a business unit at Newport Beach-based Skyworks Solutions Inc., which includes Conexant’s former wireless chip unit.
In the mid-1990s, Abdelgany was at Rockwell Semiconductor Systems Inc., which later became Conexant.
Abdelgany left in 2002 to work at Woburn, Mass.-based Skyworks Solutions Inc.’s Irvine operations before starting Newport Media.
