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Electronics Production | April 02, 2007

ClearSpeed is looking to raise €29 million

UK-based microprocessor firm ClearSpeed Technology reported today a full year loss and announced plans to raise 29 Million Euros from a share placing.
The group saw pre-tax losses for the year ended 31 December widen to €16.3m from €10m in 2005 on turnover up to €2.9m from €649,000. The company is now looking to raise €29m.

Operating expenses increased 69% to €19m, within which investment in research, design and development jumped 33% to €9,26m and marketing and administration costs rose 126% to €9.73. In 2006, it successfully delivered its first major order to Sun Microsystems and the Tokyo Institute of Technology for 360 Advance accelerator boards, which aided the 343% revenue hike.

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