Backhaul Chip Firm Raises $10M
Wireless transmission system-on-a-chip (SoC) specialist Provigent Inc. has attracted a new investor, taken its total funding to about $51 million, and joined the select bunch of private companies that have attracted new funding in the second half of 2008 by securing its fifth round of investment.
The firm, which has offices in Santa Clara, Calif., and Herzlia, Israel, announced Monday that Lightspeed Venture Partners has invested $10 million in the company, which sells its microwave point-to-point transmission chips to a variety of equipment firms in the wireless backhaul (transport) and fixed wireless access sectors (including WiMax). (See Provigent Intros PVG610 and Provigent Cuts Backhaul Costs.)
While Provigent does not identify its customers, it's believed the SoC firm's client list of more than 50 equipment firms includes the likes of microwave backhaul specialist Ceragon Networks Ltd. (Nasdaq: CRNT), which has seen significant growth in its business in 2008. (See Ceragon Expands, Wins Deal and Ceragon Networks Reports Q3.)
“We believe that the wireless backhaul market is poised for accelerated expansion over the coming years due to the exponential increase in data traffic and the rapid subscriber growth in emerging markets," stated Lightspeed managing director David Gussarsky. (See Ethernet Microwave Starts to Sizzle.)
Ascend Technology Ventures , Pitango Venture Capital , and Sequoia Capital are among Provigent's previous investors. (See Provigent Secures $16M, Provigent Scores Another $2M, and Provigent Eyes BWA Vendors.)
— Ray Le Maistre, International News Editor, Light Reading