ASOCS Raises $8 Million

ASOCS, an Israel-based ,provider of wireless processors for handheld devices has raised $8 million in second-round funding. FinTech Global Capital led the round, and was joined by return backers Vertex Venture Capital and Harel Hertz Investment House.

 

PRESS RELEASE

ASOCS, the developer of the world's 1st wireless MultiComms processor for handheld devices, today announced it has secured $8 million. The round was led by FinTech GIMV Fund (FGF) and included existing investors: Vertex Venture Capital and Harel Hertz Investment House. Mr. Takashi Hondo, a managing partner with FinTech Global Capital (FGC) responsible for semiconductors and information technology, will represent FGF as member of ASOCS' board of directors.

So far ASOCS has raised $20 million. The company will use the current investment to further scale its presence in the Japanese and US markets and ramp its sales up in conjunction with developing marketing activities to support its growing customer base.

“We found ASOCS to be a promising innovator providing the desired solution for the most challenging dilemma in the mobile industry today – combining multiple radio interface standards over a single processor, to offer end users a truly seamless connectivity experience when shifting between different radio networks”, said Mr. Takashi Hondo, a managing partner with FGC. “FGF underpins the efforts of overseas companies as they seek to establish a stronger presence in Japan. We see great potential in ASOCS' breakthrough technology which is backed by prominent partners such as Fujitsu, Wipro and Comneon“. Mr. Hondo adds. “Therefore we intend to support ASOCS in leveraging its position in the Japanese market.”

“Lead by Japan, consumer electronics is a key market for the multiple-standard wireless connectivity provided by our MultiComms processor,” said Gilad Garon, ASOCS CEO. “We were honored to have FGF take the role of lead investors in this financing round, and we are proud to be able to boast our existing venture capital investors Vertex and Harel Hertz restate their belief in our company with additional investments this round.”

Yifat Oron, Partner at Vertex Venture Capital added, “In addition to further boosting ASOCS business in Japan and the US, the total investment of $8 million will enable the company to extend its sales and technical support efforts following the successful market acceptance of ASOCS unique wireless MultiComms processor.”

About FINTECH GIMV Fund:

FINTECH GIMV FUND (FGF) is a unique venture capital fund that focuses on information and communication technology as well as life sciences. It offers attractive opportunities for Japanese startups attempting to deploy global resources, for Japanese companies looking for cross-border market opportunities, as well as for European and US technology companies seeking business development opportunities in Japan. FGF is incorporated under the laws of Jersey, Channel Islands, and plans to invest an average of $3 million to $7 million per company in 15 to 20 companies. FINTECH Global Capital is an advisor of FGF.

About Vertex Venture Capital:

Vertex Venture Capital is a top-tier Israeli VC with $600 million under management, a strong international investor base, an experienced multi-disciplinary team of professionals and an impressive track record of exits through M&A and IPO. Vertex provides unparalleled possibilities for companies in facilitating potential growth, business opportunities and leveraging synergies throughout Israel, Europe, USA, Japan and Asia. Vertex invests in Israeli and Israel-related companies in early stages of development in information networking and communications systems, software and components, digital media and enterprise software. For more information about Vertex Venture Capital, please visit http://www.vertexvc.com.

About Harel Hertz Investment House (HIH):

Founded in 1994, with offices in Tel Aviv and Tokyo, HIH is a privately held consulting company and investment boutique, specializing in creating and promoting business activities between Japan and Israel. At HIH, we assist Japanese and non-Japanese parties in establishing and expanding market presence in Japan and Israel, and enable our clients to bridge all cultural gaps. We are proud of our profound knowledge in the Japanese culture and business etiquette, vast experience and wide network of connections within Israel's and Japan's leading business and financial firms and a proven record of achievements.

About ASOCS:

Founded in 2003, ASOCS develops and markets MultiComms processors designed to enable seamless connectivity over diverse air interface networks. ASOCS' ModemX(TM) is a unique solution based on patented algorithm technology and a flexible software-based modem. It ensures low power consumption and effectively runs multi-communication standards concurrently. ASOCS has partnered with leading chip makers, as well as hardware, software and module developers to provide mobile consumer electronics vendors with a complete wireless MultiComm system-on-a-chip (SoC) solution.