Bermai Butts Out
A source says the company had been trying to close its series C round when investors decided enough was enough. Bermai had already collected $33 million in its first two rounds of funding from the likes of Advanced Technology Ventures (ATV), Blueprint Ventures, and Mobius Venture Capital (see Bermai Buffs Up).
Bermai hadn't returned calls by press time.
The company developed multimode wireless chips, which were said to be cheaper and smaller than other offerings, for the consumer electronics market. The source says that Bermai had just started shipping silicon and had signed up customers, after some production delays. But it was too little, too late.
As Unstrung noted when Bermai announced its second VC round, it was always going to be hard for the company to compete in a market packed to the brim with major vendors and startups already shipping second- or third-generation 802.11 chips.
But the speed of Bermai's demise may take some by surprise.
— Dan Jones, Site Editor, Unstrung