Israeli start-up Sckipio Technologies, which develops G.fast modem chipsets, today announced it has raised $17 million in a Series B round led by Pitango Venture Capital with previous investors Gemini Israel Ventures, Genesis Partners, Amiti Ventures and Aviv Ventures Ventures. Pitango General Partner Eitan Bek will take a seat on the Sckipio board of directors. The company has raised $27 million to date including the latest round of financing. “The G.fast market is expected to reach $2.9 billion by 2020," said WinterGreen Research President Susan Eustis. “The opportunity to participate in G.fast chips markets is compelling. G.fast provides the ability to leverage outdated copper infrastructure to breathe new life into existing investment.”
G.fast is the newly approved ITU “last mile” standard that will deliver 1Gbps ultra broadband access over existing twisted pair to the home for up to 400 meters.
Sckipio CEO David Baum said, “Sckipio intends to extend our leadership in G.fast. The additional investment will help us move even faster, enhance our product offering more quickly, and provide working capital to scale production to meet the high demand for our solutions.”
The company was founded in 2012 by Baum, CTO Rami Verbin, COO Oren Mansour and VP R&D Ron Sterenson. The founders formerly worked for CooperGate, which Baum also founded. CooperGate, which developed chips for home communications networks, was sold to Sigma Designs for $200 million in October 2009.
Published by Globes [online], Israel business news - www.globes-online.com - on December 8, 2014
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