Silicon firm to invest €9m
Silicon and Software Systems (S3) has announced plans to invest €9 million in product research and development over the next three years, creating 20 new jobs at its centres in Dublin and Cork.
Chief executive John O'Brien said the €9 million had been raised from a number of sources including venture capital firm ACT, Enterprise Ireland and its own funds.
In late 2005, ACT invested €10 million in S3 for what was effectively a management buyout, with former parent Philips Electronics significantly diluting its stake.
Mr O'Brien said the R&D investment would not be spent on "blue-sky" research but was focused on specific market opportunities the company sees in the near future.
"We are currently in investment mode and are trying to productise more parts of the company than before," Mr O'Brien explained.
The research will be focused on both the silicon design and software side of S3's business.
The firm designs silicon circuits, particularly in the area of wireless networking and mobile television, which it then licenses to other companies who integrate them into their products.