UWB semiconductor company Alereon closes $31.5M Series A funding led by Austin Ventures

January 6, 2004

2 Min Read

AUSTIN, Texas -- Alereon, the leading Ultra Wideband (UWB) semiconductor company producing chipsets for the personal area networking (PAN) market, today announced it has received $31.5 million in the first round of its Series A financing. Alereon will use the proceeds to complete development of its UWB chipset solution, bring its product to market, secure design wins, and achieve initial revenue. The Series A round was led by Austin Ventures with participation by Pharos Capital, Centennial Ventures, Kinetic Ventures, eCentury Capital, Duchossois Technology Partners, PTV Sciences and other investors. The company expects to close on a small amount of additional funding in early 2004 to complete its Series A financing round.

"This funding round marks a major milestone for the company," said Eric Broockman, chief executive officer of Alereon. "We launched Alereon a few months ago with the industry's most experienced management and engineering team and an unrivaled intellectual property portfolio. Today, we add sufficient capital to finish development of our product, deliver our products to customers, and grow initial revenue. In addition to the capital, we gained the partnership of world-class investors with extensive expertise working with semiconductor and wireless companies."

"Alereon is now the best-funded company in the UWB industry and the leading UWB company to watch," said Basil Horangic, chairman of Alereon and a partner with Austin Ventures. "To the best of my knowledge, Alereon is the only company fully funded to develop a complete UWB solution consisting of a radio, baseband, media access controller and software. The company will not need to depend on other companies to complete its product offering. With more than 12 months of work already completed on parts of Alereon's solution, it should be difficult for companies entering the UWB market to catch up."

Alereon Inc.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like