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Nanotech Semiconductor was founded in May 2003 by Gary Steele, co-founder and CEO of the UK's first Fabless Chip Company, Acapella Ltd. Gary was also the founder and CEO of Microcosm Communications Ltd., in 1995, the first company to deliver high-speed optical networking components based on pure-CMOS process technology. Microcosm raised $8m in first- and second-round funding in 1998 and 1999, and was acquired in January 2000 by Conexant Systems Inc., for stock. Peak value was approx. $300m.