Alongside impressive exits, Israel's start-up industry is also dealing with a growing number of companies that are unable to survive and end up in receivership. The Tel Aviv District Court yesterday appointed Adv. Paz Rimer as the temporary receiver for communications chipset developer Wisair Ltd. The court appointed the receiver following the decision by Wisair's board of directors last week to petition for liquidation.
Wisair president and CEO David Yaish and Yehuda and Zohar Zisapel founded the company in 2001. For many years, it was a part of the Zisapel's Rad Group. Wisair's solution focused on the transmission of content via wireless USB (WUSB) protocol. In the past few years, it supplied a standard that supports the transmission of content between computers and home entertainment systems at up to 480 Mpbs.
Wisair raised $80 million from a range of investors, including the Rad Group, Apax Partners, Vertex Venture Capital, Tamar Technology Investors (Israel) LP, Pan-European fund Advent Ventures, Plenus Venture Lending Fund, Intel Capital, and Japanese funds Bridge Capital Fund LP-Nikko Antfactory and Yasuda Enterprise Development.
Wisair petitioned for liquidation because it needed to sell its assets to repay a loan of a few million dollars from Plenus.
Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2012
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