Funds to Fuel Company’s Growth and to Support Rapidly Expanding Global LTE Deployment Footprint
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/By Jewish Busines News Correspondent/
Israeli company Altair Semiconductor, which develops LTE chipsets, has announced the closing of a successful financing round, raising $25 million. The funds were raised from existing investors Bessemer Venture Partners, BRM, Giza Venture Capital, JVP and Pacific Technology.
This brings the total amount of funds raised by the company to $100 million.
Altair will use the capital to further strengthen its leadership position in the single-mode LTE market as well as to support high volume product deployments from its largest customers.
“As LTE networks reach coverage parity with 3G in key markets, carriers realize that removing 3G and adapting LTE-only is the most efficient way to significantly lower costs and increase mobile broadband attach rates, ” said Oded Melamed, Co-Founder and CEO of Altair. “Our month over month increase in chip shipments is a testament to the widespread move towards LTE-only across the industry and we intend to use the funds to support our customers as they ramp high volume production and deploy their products in the field.”
The cost of integrating LTE-only is substantially lower than LTE+3G, minimizing the prohibitively high cost delta that exists today between basic Wi-Fi models and those with mobile broadband connectivity. The lower cost of integrating LTE-only connectivity is also a key factor in the enablement of widespread availability of cloud-connected devices in the consumer and machine to machine space, driving what is known as the “Internet of Everything.”
Altair has pioneered the introduction of cutting edge, low cost single-mode LTE chipsets and, since rolling out its first chipset in 2009, has achieved many industry-firsts, including the release of the first FDD/TDD chipset in the world, the first commercial LTE chipset to exceed 100Mbps and the first chipset to be certified by Verizon Wireless’ 4G chipset certification program.
To date, Altair’s products have been integrated into more than 100 different product models, including tablets, Ultrabooks, portable hotspots, USB dongles and routers, designed by more than 30 global customers.
About Altair Semiconductor
Altair’s chipsets can be found in approximately 30 end-user devices – ranging from USB dongles to smartphones – built by its more than 15 customers across North America, Europe, China, India and Taiwan – making it one of the only TDD/FDD LTE chipset manufacturers in the world with commercially available products.