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Sunday, March 14, 2010

SiBEAM raises $36.5m for next round of high data rate wirelessHD

Cisco Joins Panasonic & Samsung to Accelerate Consumer Adoption

The most advanced millimetre wave startup, SiBEAM, has raised $36.5m in its D round of funding to accelerate the consumer adoption of its 60GHz short range wireless technology.
All of SiBEAM’s original investors contributed to this round including U.S. Ventures Partners (USVP) and New Enterprise Associates (NEA), joined by new partners in SiBEAM’s success, Lux Capital and Hatteras Funds. Best Buy and Cisco have also contributed strategic equity investments to support SiBEAM’s growth as well as fund future projects for personal computing and mobile devices.
"SiBEAM continues to deliver on its promise to bring high-quality, lossless wireless high definition capabilities to the A/V home entertainment market. Their team has executed well on its plans and has brought in nearly all leading CE manufacturers as customers through its work with the growing WirelessHD Consortium,” said Adam Grosser, General Partner at Foundation Capital which led the round. “This market adoption further supports our confidence in SiBEAM’s technology and the team’s capabilities to drive and solidify the company’s leadership in the exciting and high-growth wireless connectivity market.”
SiBEAM’s second generation 60GHz chipset with its OmniLink60 Technology was brought into mass production earlier this year for A/V receivers, home theater-in-a-box systems, Blu-ray players, set-top boxes, media center PCs, and consumer laptops.
“This round of financing is a significant milestone for SiBEAM as it demonstrates the continued growth of our business and potential for significant investment return even in a challenging economy. With these funds, we can grow our business toward profitability in the burgeoning wireless A/V market,” said John LeMoncheck, President and CEO of SiBEAM. “SiBEAM continues to receive extensive interest from CE and PC manufacturers worldwide that are eager to integrate simple, cost effective and high quality wireless streaming capability into their products.”
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