Gigle Semiconductor Inc., a developer of multimedia home networking solutions, has raised $20 million in Series B funding. SEP led the deal, and was joined by return backers Accel Partners and Pond Venture Partners. The company had previously raised $11 million.
Gigle Semiconductor, the leading developer of “any wire“ multimedia home networking solutions, today announced that it has received $20 million in Series B funding. The round was led by a new investor, SEP. Existing investors, Accel Partners and Pond Venture Partners, also participated. The new funding will be used to support the development and launch of the company's next-generation multimedia home networking solutions.
“The level of investment and the quality of our investors is a huge vote of confidence in the company, its technology, and its people”, said Juan Carlos Riveiro, president and CEO of Gigle. “The investment will enable us to deliver on our promise of a home networking solution that provides vastly more reliable whole-home network coverage than the best solutions available today, an essential requirement for consumer acceptance”
This important funding milestone may be viewed against the backdrop of an industry which is rapidly gaining momentum. In recent months the market for multimedia home networking has taken significant steps towards the formation of a true standards-driven mass market. This is evidenced by the recent announcement that the joint proposal submitted by HomePlug