Israeli start-up Celerica, which develops infrastructure for the mobile phone industry, announced today that it had raised over $18 million in a second round of funding. Israeli venture capital firm Pitango Venture Capital led the round. The company valuation was not disclosed.
Other investors include Platinum Venture Capital of Shrem-Fudim-Kelner Technologies, US-based Charles River Ventures, Ridgewood Capital of California, and international venture capital firm STAR Ventures. Private investors also participated in the round.
The total funding raised to date by the company is over $20 million.
Celerica CEO Miguel Cizin said, "Celerica understands the challenges faced by mobile carriers that need to provide additional cellular capacity in urban areas. Our solutions deliver speed and flexibility and leverage the carrier's existing infrastructure ensuring investment protection now and in the future."
Pitango Venture Capital managing director Isaac Hillel said, "Celerica is providing an innovative way to design cellular networks more economically and more efficiently. We believe that Celerica delivers the type of solutions that operators want today and in years to come."
Platinum Venture Capital managing partner Anya Eldan said, "Greenfield 3G operators will find Celerica's technology compelling in building optimized network grids."
Celerica's products are designed to maximize the capacity of existing wireless infrastructure in urban areas, enabling mobile operators to add cellular sites less expensively. Celerica was founded in June 2000 and is headquartered in Morristown, New Jersey. The company’s research and development center is located in Ramat Gan, Israel.
Published by Israel's Business Arena on 19 February, 2002