Silicon Hive, a venture within Philips Technology Incubator, has been spun out as an independent company as of April 16, 2007. New Venture Partners, TVM Capital and Philips have together invested $10 million in the new company. Philips retains a minority stake. Silicon Hive provides highly innovative programmable processor IP cores for the semiconductor and consumer electronics industry. Silicon Hive has the freedom to license to the entire electronics industry. The new company will have offices in Eindhoven (The Netherlands), Silicon Valley (United States), Seoul (Korea) and Bangalore (India). Silicon Hive enables semiconductor companies to make fully-programmable System-on-Chips (SoCs) for demanding applications, such as mobile TV, mobile WiMax, high quality imaging, and high definition video signal processing. High- volume electronics manufacturers can use a unified hardware platform for their products, whereby specific functionality and/or regional requirements can be programmed in software. This leads to lower cost, flexibility in product design and manufacturing and a faster-time-to market.