Silicon Mitus raises second round in rare chip funding

Silicon Mitus raised a second round of funding for its business of making power management chips. The funding stands out, since relatively few chip startups are getting funding these days. The amount wasn’t disclosed.

The Seoul-based firm is headed by Youm Huh, and it makes custom chips for flat panel displays, mobile applications and energy-related hardware.

The round was led by ePlanet Ventures and participants included Walden International. Lip-Bu Tan, chairman of Walden, said in a statement that Silicon Mitus exceeded his expectations for financial performance. The company raised its first round of institutional funding in 2007.