SiBeam Inc., a Sunnyvale, Calif.-based developer of semiconductor systems solutions for wireless communications platforms, has raised $40 million in Series C funding. New Enterprise Associates led the round, and was joined by return backers Foundation Capital and U.S. Venture Partners. The company had previously raised around $31 million.
SiBEAM, Inc., the leading innovator of millimeter wave (mmWave) solutions and developer of high-speed wireless communications platforms, today announced the closing of $40 million in Series C funding led by New Enterprise Associates (NEA). Follow-on investments are included in this round from existing investors, Foundation Capital and U.S. Venture Partners (USVP).
“SiBEAM’s leadership in millimeter wave technology and ability to distribute lossless, uncompressed wireless high-definition video streams equivalent to the quality of a wired solution is a strategic building block for the home multimedia network,” said Forest Baskett, General Partner, NEA. “We see enormous market potential for SiBEAM‘s innovative technologies, especially in light of its notable accomplishments with major consumer electronics vendors with the WirelessHD� standard.“
SiBEAM‘s 60GHz semiconductor solutions with OmniLink60� Technology, recently honored with the “Best of Innovations“ award in the enabling technologies category at the 2008 International Consumer Electronics Show (CES) Innovations Design and Engineering Awards, represent the first application of SiBEAM‘s millimeter wave technology. As a founding member of the WirelessHD� Consortium that includes several worldwide leaders in consumer electronics and personal computing industries, SiBEAM‘s OmniLink60� Technology is the first WirelessHD-based solution capable of streaming uncompressed high definition video, audio and data.
“This financing fuels SiBEAM‘s progress to move into the next phase of growth and evolution of our business strategy: expanding our sales and distribution footprint to support customer design wins, as well as developing future generations of our product line,” said John LeMoncheck, President and CEO of SiBEAM, Inc. “We expect this additional investment to have a huge impact on our current and future consumer electronics business. The continued enthusiasm of our existing investors and the market shift toward a focus on wireless high definition multimedia technologies reaffirms our strategy.“
SIBEAM‘s semiconductor systems provide the first and only available option to deliver lossless, uncompressed wireless high definition audio, video and data. SiBEAM’s advanced wireless technology solutions are designed for consumer electronics manufacturers, PC manufacturers, network infrastructure providers and others to incorporate into their next generation product lines for wireless communications.
About SiBEAM, Inc.
Founded in 2004, SiBEAM is a fabless semiconductor company developing intelligent millimeter wave technologies and leveraging the latest manufacturing methods to meet the demand for high-bandwidth services. SiBEAM is the first to build 60 GHz chipsets using CMOS technology. The first of many applications for SiBEAM‘s innovative technology is based on WirelessHD�. As a founding member of the WirelessHD� Consortium, SiBEAM is a leader in driving the architecture and semiconductor implementation for the distribution and presentation of high-definition content in the consumer electronics and personal computing markets. For more information please visit: www.sibeam.com.