Fabless Israeli mobile WiMAX chip designer Altair Semiconductor Inc. has raised $18 million in its second financing round, led by Bessemer Venture Partners. Existing investors BRM Capital, Giza Venture Capital, and Jerusalem Venture Partners (JVP) also participated in the round.
Altair CEO Oded Melamed said, “Altair welcomes Bessemer Venture Partners as the lead in our latest round of financing. Bessemer joins a consortium of returning investors in providing us with the funds to take our products to market.”
Altair has developed a proprietary ultra-low power, Optimized OFDMA Processor, for the delivery of performance/power efficiencies required by mobile WiMAX in handsets and handheld devices.
Bessemer partner Adam Fisher said, “We’ve seen scores of companies attempting to apply traditional architectures to cope with the mobile WiMAX challenge. Altair’s innovative approach results in a truly disruptive chip that combines best of class performance with significantly reduced power-consumption, smallest footprint and lowest cost. We believe that Altair’s solution will open the door to a whole spectrum of new personal devices that fulfill the mass market vision of mobile WiMAX."
Published by Globes [online], Israel business news - www.globes.co.il - on June 12, 2007
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