WiSpry Closes An Additional $10 Million In Series C Financing
Irvine, CA -- WiSpry, Inc., the leader in programmable radio frequency (RF) semiconductor products for the wireless industry, today announced the closing of an additional $10 million of Series C financing, bringing the total of the Series C round to $20 million. The round was led by new investment partners, Chart Venture Partners and Acadia Woods Partners, bringing the number of new investors in WiSpry to four with Paladin Capital and Murata participating in the first closing.
WiSpry, a fabless RF semiconductor company, is developing highly-integrated and cost-effective programmable RF products for multi-band, multi-standard handsets including tunable antennas and tunable impedance matching networks using industry standard CMOS processes. This unique technology enables the wireless industry to provide users with smaller, more technically advanced, and more energy efficient wireless devices that reliably stay connected at the high data rates that future mobile wireless applications will require. The Company's RF product solutions are revolutionizing the design and capability of high volume wireless products by enabling, for the first time, the convergence of digital, analog, RF and MEMS functionality on a single chip, creating a platform for true "RF- system-on-a-chip" solutions.
"The additional funding from two new partners further validates our progress, technology and company direction, despite the tough economic climate," said Russ Garcia, WiSpry's CEO. "This investment aligns well with our ramp – to – volume production plan as we are moving forward with the productization of our first products and as we have customer commitments now in place for new product developments slated for 2010 production and beyond."
"Our due diligence showed that WiSpry is clearly the leader in programmable RF targeted specifically at wireless handset applications," stated Ted Hobart of Chart Venture Partners, WiSpry's newest board member. "Of all the companies we evaluated, Wispry offers a very real and unique value proposition to their handset customers, carriers and consumers. Simply put, no one else is doing what they are doing."
This funding round will help expand the company's operations, engineering and applications support structure as WiSpry begins production shipments to leading wireless handset OEMs and ODMs this summer.
SOURCE: WiSpry