STOCKHOLM, June 8 /PRNewswire/ -- Nanoradio AB, the market leader in low power WiFi (W-LAN) solutions, has secured a new financing deal worth 27 million USD. The investment has been made by Norwegian firm, Ferd Venture, together with the previous investors - a syndicate of four venture capital funds consisting of Nordic Venture Partners, Innovacom, Teknoinvest and Industrifonden.
"Until recently the WiFi business has focused on PCs and network access points but the most important trend is to now include WiFi in cellular handsets and consumer electronics. Demand for a wireless lifestyle is accelerating rapidly. We believe that Nanoradio will address a broad, rapidly expanding market and we see great potential in the company and its unique, feature-rich, WiFi solution," says Pal M Rodseth, Partner at Ferd Venture.
"Our product has made a great impact on tier 1 mobile phone manufacturers. The investment clearly indicates a big confidence in the company. Our investors' financial support enables us to focus on product development and maintaining our leading position in low power WiFi solutions, while better supporting our customers," says Par Bergsten, CEO of Nanoradio AB.
The NRX700 chipset solution is designed to meet the accelerating demand for Voice over IP. Demand is being driven by fixed-to-cellular convergence and the revolution in media content that is transforming the digital mobile media experience for users. The technology is supported by standards such as UMA (Unlicensed Mobile Access) and IMS (IP Multimedia Subsystem). Nanoradio's offering features ultra-low power consumption, small size and low total WiFi solution cost.
Nanoradio is the first company in the world to support the emerging need for WiFi in headsets and other audio devices. The company has demonstrated a fully-functional WiFi stereo HiFi headset using the NRX700 chipset.
Nanoradio's target markets are mobile phones, portable media devices and other battery-driven handheld consumer devices. The combination of a highly skilled development team and world-class products has resulted in both design wins and volume sales to industry-leading mobile device manufacturers around the world.
About Nanoradio
Nanoradio AB was founded in March 2004 and is a Swedish semiconductor supplier targeting the Cellular handset- and consumer electronics market. The company is a "fabless" company providing wireless solutions that is, all manufacturing is outsourced. Nanoradio has developed a state of the art technology for integrated circuits with focus on the critical success factors for handheld products, namely, power consumption, physical size and total cost for customer. Nanoradio has a team of 70 people with extensive experience from the cellular and wireless industry as well as semiconductor industry and start-ups. Nanoradio has a global sales and support structure since 2005 with offices in Korea, USA and Japan. Nanoradios unique low power WLAN chipset makes high speed wireless access possible in portable electronics.
Further information on Nanoradio AB may be found on the World Wide Web at www.nanoradio.com
About Ferd Venture
Ferd Venture is part of the Ferd Group, which is one of Norway's leading investment companies. Ferd Venture primarily invests in Nordic ICT companies that are seeking capital for further commercialisation and growth, and which have the potential to sustain long-term competitive advantage. Ferd Venture has a team of 6 investment professionals based in Oslo, and has significant funds available for new investments.
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