Genesis Partners led the round.
Valens Semiconductor Ltd. has raised $7 million in its first financing round, led by Genesis Partners and joined by Magma Venture Partners. Valens is developing a chip that will enable high quality transmission of audio and video in a home networking environment.
Genesis Partners managing partner Dr. Eyal Kishon and Magma Venture Partners general partner Eitan Dekel will join Valens’ board, and Yossi Kofman, the co-founder and former co-CEO of Modem Art, will join the company’s advisory board.
Valens CEO Dror Jerushalmi said, “In addition to enabling the company to accelerate product development this investment represents a significant vote of confidence in the company’s solution. Valens’ product line meets an increasingly growing need in the consumer electronic market."
Jerushalmi founded Valens in 2006, together with VP R&D Eyal Massad and Eyran Lida.
Published by Globes [online], Israel business news - www.globes.co.il - on July 16, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007