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Provigent, developer of SOC solutions for broadband wireless, ups its third round of funding to $10M
March 23, 2005
LOS ALTOS, Calif. -- Provigent, Inc. a leading provider of system-on-a-chip (SoC) solutions for broadband wireless transmission, today announced it has increased the third round funding to $10 million and the total amount raised thus far to $21 million.
The added funding results from a large number of new customers, mainly for the company’s recently introduced PVG310 single-chip modem, and for the impressive speed at which Provigent has achieved 20 design wins to date. Market trends also factored into the new funding, as Provigent’s off-the-shelf silicon chips are already filling a void in the burgeoning point-to-point microwave radio market by providing equipment vendors with a cost-cutting alternative to developing expensive proprietary ASICs in-house.
Providing the additional funding were all of Provigent’s previous third-round investors: Sequoia Capital, Pitango Venture Capital, Magnum Communications Fund, Ascend Technology Ventures, Delta Ventures, and Andrew Viterbi, Co-Founder of QUALCOMM.
“As our 20 design wins reflect the confidence customers have in Provigent’s solution, we’re heartened that our investors share this confidence, not only in our company and technology but also in a continuing market trend toward merchant silicon,” said Provigent CEO Dan Charash. “The new funding will let us further expand our customer base and work with our customers in pursuing the industry’s most aggressive silicon roadmap.”
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