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Mitsui Private Equity has backed integrated circuit supplier Frontier Silicon as part of a £16 million funding round.

Led by investment directors Richard Lewis and Naoki Nakata, Mitsui was lead investor in the round. Participants included new investors Cheyne Capital Management and Plutus Capital Management, along with existing funders Apax Partners, GLG Partners, ACT Venture Capital, Alta Berkeley and BlueRun Ventures.

The funding will develop Frontier’s semiconductor systems for mobile TV and digital audio products. Chief executive Anthony Sethill said: “We are also very confident about our new WiFi radio solution, which is helping to create a new segment in the digital audio market; one that is predicted to boom over the coming few years.”

Apax Partners’ Roy Mackenzie was also positive about Frontier’s market. He added: “Prospects for continued growth in the company’s audio IC business and emerging mobile digital TV look very encouraging.”

Taylor Wessing was legal adviser to Frontier, while Simmons & Simmons was appointed as legal adviser to Mitsui after a competitive tender.

Simmons & Simmons’ team was led by corporate partner Jason Daniel, supported by specialists in other areas. Daniel said: “We have been able to leverage our strengths in private equity and Japan-related business on the transaction. We will continue to support Mitsui as it develops its investment strategy and expands its portfolio.”

Watford-based Frontier Silicon distributes digital and RF products for mobile TV and digital audio products. In November 2006 it launched the world’s smallest and cheapest DAB digital radio module.

Founded in 2001, the company employs more than 200 people and operates in Cambridge, Dublin, Hong Kong, China, Korea and Japan. Its customers include Samsung, Sharp, Sony, Bush, Goodmans, Hitachi, Philips and Yamaha.

Frontier generated a £23.7 million turnover and a loss after tax of £5.2 million for the year ended December 31, 2005.

Mitsui Private Equity is part of London-based Mitsui & Co Ltd.

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