[news 2005-2006]

Queen's-based research attracts approximately $10M investment

For immediate release

April 17, 2006

KINGSTON, ON -- A novel computer technology developed by Praveen Jain, Canada Research Chair in Power Electronics at Queen's University, has attracted approximately $10 million in investment financing from top-tier venture capital firms based in Boston and Toronto. The funding builds on a seed investment of $250,000 from the Ontario Centres of Excellence Centre for Communications and Information Technology for early stage development of Dr. Jain's discovery.

This new investment will be used to develop a next-generation digital power chip, with applications in computer, server, datacom/telecom, and aerospace electronics markets. The technology, which forms the basis of a new spin-off company, CHiL Semiconductor, was licensed to CHiL by PARTEQ Innovations, the technology transfer office of Queen's.

“We are very pleased that CHiL has been able to attract such a significant financing to commercialize this technology developed under the direction of Dr. Jain,” says Anne Vivian-Scott, Director of Commercial Development at PARTEQ. “This financing at least in part demonstrates that key, strategic seed financing can pay big dividends and lead to significant follow-on investment.”

“CHiL exemplifies the Ontario Centres of Excellence model for creating economic growth through innovation. OCE invested in Professor Jain's initial research and made a further investment to prove the concept of the technology,” says Bryan Kanarens, Director of Strategic Programs for the Centre for Communications and Information Technology. “We then helped to create the new company and provided the all-important initial seed investment as well as access to follow-on investment capital.”

CHiL has a design center in Ottawa and head office in Tewksbury, MA.

Contact:
John Lomedico
Vice-President, Sales and Marketing
CHiL Semiconductor
(978) 640-0011 ext. 222