Israeli millimeter-wave technology developer Siklu has closed $18 million in Series-D funding. The new investor in this round Sercomm Corporation (TWSE: 5388) was joined by existing investors Argonaut Private Equity, Evergreen Venture Partners, DFJ Tamir Fishman Ventures, Qualcomm Ventures, The Tamares Group and Amiti Ventures.
Siklu cofounder, chairman and president Izik Kirshenbaum said, "This additional funding is a great vote of confidence in Siklu's vision and execution. The company's exceptional connectivity solutions enable customers to swiftly expedite capacity increase, while supporting efficient business models. We will use this funding to further strengthen our market leadership, and to extend our reach into new markets and geographies. We are delighted to be partnering with a leading world-renowned ODM, such as Sercomm, and believe that together we will be able to create innovative solutions at a price that will unlock markets, otherwise inaccessible to this type of technology."
Headquartered in New Jersey, Siklu's development center is in Petah Tikva. With new products in its worldwide #1 E-Band family and a ground breaking family of V-Band (60GHz) products, Siklu is targeting the video surveillance and Gigabit To The Home (GTTH) markets.
With this funding and partnership, Siklu says it will continue to disrupt the mmWave market with technology not only capable of carrying out the ambitious goal to provide Gigabit To The Home (GTTH), but also of providing important building blocks for 5G mobile access deployed in the millimeter wave spectrum.
Sercomm president and CEO James Wang said, "Siklu approaches network connectivity in an entirely different way, packing cutting edge technology into mass market products. We believe in the company's potential to be a bellwether of change for the future of wireless networks. The strategic partnership we are building with Siklu will enable both our companies to enter new markets, which are expected to grow exponentially".
According to research firm MarketsandMarkets, the global millimeter wave technology market is expected to grow by 42.7% CAGR to $1.7 billion by 2020. Siklu is poised to capture this market through a range of competitively-priced solutions in areas such as video surveillance, Wi-Fi backhaul and access to residential Multi-Dwelling-Units (MDU). Siklu's mmWave solutions and technology already provide thousands of fiber extensions for 3G/LTE telecommunication networks and business connectivity. "As a founding investor in Siklu, we are extremely pleased with the recent breakthroughs the company has achieved, with one major deal already signed, and a number of others in various stages of maturity. We believe Siklu will continue to craft and deliver customer value propositions in the high capacity wireless networking arena," said Anil Khatod, Managing Director, Argonaut Private Equity. "Siklu solutions are already deployed across the globe, from the U.S. and Europe to emerging markets such as Eastern Europe, Russia, Latin America and Asia, to provide a wide range of connectivity solutions; from mobile, small cell and Wi-Fi backhaul, to video surveillance and fiber to the home connectivity."
Published by Globes [online], Israel business news - www.globes-online.com - on August 20, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015