RF Waves Ltd, a developer of short-range wireless solutions, announced today that Vertex Venture Capital - Israel has invested $2.5 million in the company.
RF Waves has developed a unique, patent protected, short range RF technology characterized by very low cost, extremely low power and medium bandwidth, addressing the market's fast growing need for inexpensive, fast and reliable short-range connectivity.
Avner Divon, Chairman and CEO of the company, said: “We are very pleased with Vertex’ decision to invest in RFWaves. RFWaves has recently launched its low cost 2.4GHz wireless chips and is experiencing a rapidly growing number of design wins. Vertex is extremely well connected with major corporations in Asia and will be very instrumental in assisting the company to fast ramp up the number of partners and customers that will be embedding RFWaves solution within their products".
Moshe Shahaf, Managing Partner at Vertex Venture Capital Israel, said: “we believe RF Waves is answering a real market need that is not met today for short range cordless solutions that combine low cost, long battery life and immunity to interferences. The unique solutions developed by RF Waves answer all these market needs. We were impressed with the large number of potential applications that can use the RF Waves cordless connections, including PC peripherals, game consoles, cellular headsets, audio distribution, toys and control and automation. Vertex is already leveraging its international presence and network of strategic partners in South East Asia to assist the company in accelerating its market penetration.”
RFWaves has developed an ultra-low power consumption, low cost Short-Range DSSS (Direct Sequence Spread Spectrum) digital transceiver, working in the 2.4GHz ISM band, capable of delivering 1Mbps and 3Mbps of raw data. The company is in mass production and began sales in the fourth quarter of 2002.
About Vertex Venture Capital Israel manages $650 million in venture capital in Israel and Europe and is part of the International Vertex Venture Holdings (VVH). VVH, headed by Lee Kheng Nam, manages over $1 billion in venture capital and has offices in the USA, UK, Israel, Denmark, Singapore, Taiwan, Hong Kong and China.
Vertex Israel invests in seed and early stage Israeli technology-intensive companies with real market growth potential and promising entrepreneurs. Vertex Israel’s strategic investors include Singapore Technologies, Israel Discount Capital Markets and Investments, Creative Technology, Nomura International, JAFCO, NTT, Hitachi, Seiko Instruments, Nikko Capital, Murata, SCP Private Equity Partners and Mellon Ventures. Portfolio companies include Telegate Ltd. (acquired by Terayon), Morecom Inc. (acquired by Liberate), Metalink Ltd. (NASDAQ: MTLK), Tradeum Inc. (acquired by VerticalNet), VisionTech Inc. (acquired by Broadcom), Oramir Semiconductor Equipment Ltd (acquired by Applied Materials), SHL TeleMedicine Inc. (SWX: SHLTN), Solidum Systems Corp. (acquired by IDT), Midbar (acquired by Macrovision), PowerDsine Ltd., ImageID Ltd., Actelis Networks Inc., Scopus Network Technologies Ltd., Telrad Connegy Communications Inc., Hyperchip Inc., Cyber-Ark Ltd. HyperRoll Inc and Actimize Ltd.
Published by Globes [online] - www.globes.co.il - on 02 July 2003