Wavesat announces $8 million financing round; ready to launch WiMax chipset

October 4, 2004

2 Min Read

MONTREAL -- Wavesat Inc., a developer of OFDM Broadband Wireless (BW) silicon solutions, today announced the successful completion of an $8 million financing round from both new and existing investors. This additional funding will accelerate the company's marketing and sales effort in support of its soon to be released WiMAX DM256 chip and provide the necessary resources to continue development work towards Mobile IEEE 802.16e silicon solutions. Wavesat future chips will be backward compatible with its DM256.

This round attracted significant investment from a major international investor, Taiwan-based Pac-Link Management Corp., as well as from existing investors: Skypoint Capital Corporation, BDC Venture Capital, Innovatech Montreal, Monet Capital and Sunsino Ventures Group.

President and CEO Michel Guay notes, "We're focused on bringing our first WiMAX chipset to market ahead of our competitors, allowing our customers to be first to market with their WiMAX systems enabling them to seize early market share. This funding will help us to quickly move in that direction, capitalizing on the full potential of our extensive research and development effort. This financing represents an important validation of our leadership: over the last four years, we have successfully transformed our comprehensive knowledge of the OFDM technology and IEEE 802.16 standards into a series of chip designs for the next generation of BW equipment."

Commenting on his decision to make a new investment in Wavesat, Bill Shelander, Managing Director, Pac-Link Management Corp., stated, "We are most impressed with their technological leadership in WiMAX, the value proposition they bring to the BW market and especially the strong management team. They are well positioned to compete effectively and realize dramatic growth over the next few years with the expansion of broadband wireless applications for businesses and home users."

Wavesat will aggressively continue the development of WiMAX chipsets and Subscriber Unit MAC software. Based on strong partnerships in North America and Taiwan, Wavesat will also offer complete Base Station and Subscriber Unit reference designs starting in Fall 2004 with a clear evolution towards 802.16e. This product road map will allow system manufacturers and operators to deploy WiMAX fixed wireless network now and transition smoothly to WiMAX 802.16e mobility technology in the future.

Wavesat Wireless Inc.

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