Israeli fabless semiconductor Xsight Labs has announced the closing of its Series D financing round led by Valor Equity Partners and Atreides Management with the participation of new investors Fidelity Management & Research and Accton Technology and existing investors Battery Ventures, Intel Capital, M12 Microsoft’s Venture Fund and Xilinx, increased their investments.
The specific amount raised by Xsight Labs was not disclosed but founding investor Avigdor Willenz said,"Xsight Labs’ Series D was significantly oversubscribed and is the largest round ever raised by our group. The completion of this round will help Xsight Labs execute its ambitious vision of delivering end-to-end connectivity solutions for cloud infrastructure."
Bearing in mind that the Kiryat Gat company, founded in 2017, has already raised $116 million to date including an $80 million financing round last year, then it is clear that the latest financing round is probably above $100 million.
Xsight Labs was founded by a group of former employees of EZchip - CEO Guy Koren, Switch product line GM Erez Sheizaf, and CTO Gal Malach - who left the company when it was sold to Mellanox for over $800 million. Founding investor Willenz has something of a Midas touch with startups. He founded Galileo Technology, which was acquired by Marvell in 2001 for $2.7 billion. His other ventures included Annapurna Labs, acquired by Amazon in 2015, Leaba Semiconductor, acquired by Cisco in 2016; and Habana Labs, acquired by Intel for $2 billion in 2019.
With offices in Israel and the US, Xsight Labs seeks to redesign the foundation of cloud infrastructure by delivering a broad portfolio of products that enable end-to-end connectivity.
Xsight Labs emerged from stealth in December 2020 and announced the sampling availability of X1, the industry’s first 25.6T data center switch with 100G PAM4 SerDes. The latest financing round will enable Xsight Labs to scale up its R&D, operations, and commercial teams, in order to accelerate the development of its multi-product roadmap while engaging customers globally.
Xsight Labs CEO Guy Koren said, "With this new investment, we are poised to ramp up the X1 family of data center switches and drive exciting new additions to our roadmap."
Published by Globes, Israel business news - en.globes.co.il - on March 4, 2021
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