IceFyre Closes $10M Round

OTTAWA -- IceFyre Semiconductor, Inc., today announced that it has closed a US $10 million funding round. This raises the total investment to date to US $49 million. This latest round included participation by existing investors: Kodiak Venture Partners of Waltham, Massachusetts; Prism Venture Partners of Westwood, Massachusetts; Freescale Semiconductor of Austin, Texas, a subsidiary of Motorola Inc.; Covington Capital of Toronto, Ontario; TD Capital Technology Ventures of Boston, Massachusetts; and VenGrowth Capital of Toronto, Ontario. IceFyre expects a second close with select strategic investors. The investment will be used to expand product development, sales, marketing and operations programs.

"Our innovative SureFyre 802.11a and TwinFyre 802.11a/b/g products are the only products that meet the performance and power consumption requirements of WLAN-enabled multimedia and consumer electronics devices," said Dan Mathers, president and chief executive officer of IceFyre Semiconductor, Inc. "This investment enables us to ramp up and deliver these products broadly to the consumer market."

"IceFyre's investment partners are fully committed to helping IceFyre grow its leadership position in the vast WLAN-enabled consumer electronics market, a market with performance requirements that present significant barriers to PC-Centric WLAN solutions," said Mike O'Neill, Chairman, IceFyre Semiconductor Inc. and partner, Kodiak Venture Partners. "With established products that exceed market requirements today as well as exciting next-generation dual-band and MIMO solutions under development, we remain very excited about IceFyre's future."

IceFyre Semiconductor Corp.