Peraso Technologies Inc, a Toronto-based fabless semiconductor company, has raised about $56 million (US$42 million) in a follow-on financing.
The deal was led by two unidentified strategic investors and Roadmap Capital, a Canadian venture capital firm that invested in Peraso’s Series C round in 2016, among others.
The company’s other backers include Celtic House Venture Partners and Inovia Capital.
Founded in 2008, Peraso specializes in the development of integrated circuits for the 60 GHz wireless marketplace.
President and CEO Bill McLean said the funds raised will support additional sales as “an increasing number of consumer electronic and wireless infrastructure manufacturers choose to incorporate multi-gigabit wireless connectivity into their products.”
Peraso raises $42M in latest round of financing
Capital is targeted at expanding business in Fixed Wireless Access and Wireless Networking
TORONTO, Feb. 19, 2019 /CNW/ – Peraso Technologies Inc., a fabless semiconductor company and leader in the development of mmWave technology and Wireless Gigabit (WiGig®) chipsets, announced today that it has raised an additional $42M in financing.
The funding was co-led by two strategic investors and existing investor Roadmap Capital. This level of funding ranks near the top for all semiconductor companies funded in 2018.
“This latest round of funding reaffirms our investors’ confidence in the progress that the company is making and the future for both Peraso and the quickly expanding market for mmWave technology-based products,” said Bill McLean, President and CEO of Peraso. “Raising this capital allows us to take our sales to the next level, especially as an increasing number of consumer electronic and wireless infrastructure manufacturers choose to incorporate multi-gigabit wireless connectivity into their products.”
Peraso is currently in production with WiGig IC solutions meant to address next generation WiFi opportunities in the Fixed Wireless Access, as well as wireless networking and 4K wireless video distribution. In the Fixed Wireless Access market, OEMs have concluded that the 5GHz band has become too congested, and as such, continuing to utilize traditional WiFi technology such as 802.11ax offers diminishing returns. The 60 GHz band offers wireless ISPs uncongested spectrum at highly competitive price points.
“Roadmap is very thrilled to see Peraso bringing new strategic investors to its shareholder base. It is a validation of the superior performance of Peraso’s solution,” said Imed Zine, PhD, Principal at Roadmap Capital. “We are very excited to support the growth phase of Peraso in Fixed Wireless, mmWave wireless links for 5G and WiGig-based Consumer Electronics.”
About Peraso Technologies, Inc.
Peraso is a fabless semiconductor company headquartered in Toronto, Canada. The company is focused on the development of mmWave technology products and solutions. Peraso’s initial products are 60 GHz chipsets and solutions compliant with the IEEE 802.11ad specification. 60 GHz has been adopted for interoperability certification by the WiFi Alliance under the WiGig® brand. For more information, visit www.perasotech.com.
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About Roadmap Capital
Roadmap Capital is an investment platform that offers co-investment opportunities in innovative private companies in the technology and medtech sectors. The Roadmap Capital team conducts extensive due diligence with deep domain expertise to select its portfolio companies. The Roadmap Capital platform creates an environment that fosters partnership and value creation between its investors and the entrepreneurs leading its portfolio companies. For more information, please visit: www.roadmapcapitalinc.com
For further information: COMPANY CONTACT: Ronald Glibbery, SVP Corporate Development, Peraso Technologies Inc., 416-637-1048 x 601, email@example.com; MEDIA CONTACT: Melinda DeNicola, Marketing Communications, Peraso Technologies Inc., 416-543-8348, firstname.lastname@example.org