Wi-Fi Start-Up Closes $12M B Round
Online staff -- EDN, June 26, 2003
Bermai Inc., a Wi-Fi chipset start-up, today announced the close of a $12 million B round of financing to support delivery of the company's 802.11x chipset portfolio starting in the Q3.
Since its March 2001 start, Bermai has been building its portfolio of single and dual-band chipsets based on the IEEE 802.11 standards, incorporating radio transceiver chips and a baseband/media access controller (MAC) chip.
A mix of new and existing investors -- including Advanced Technology Ventures, Blueprint Ventures and Mobius Venture Capital -- provided this round of funding, which brings the total equity investment in Bermai to about $34 million.
"We sincerely appreciate this investor support, and given the tight capital markets, view this investment as validation of our efforts and business plan," said Bruce Sanguinetti, Bermai's president and CEO, in a statement. "With this investment, Bermai will complete its transition from a development company into a fast-growing revenue company. A number of very large customers have begun qualifying the Bermai chipsets and will ultimately deliver high-performance system products into the wireless LAN and wireless multimedia markets utilizing our chipsets."
