LitePoint Receives Funding from Sequoia Capital
LitePoint Corp., a provider of advanced wireless test solutions, announced that it has completed a round of private equity funding from Sequoia Capital. LitePoint Corp., founded by semiconductor and wireless veterans, is attuned to the design process, systems development and manufacturing needs of wireless chipset vendors (e.g., Atheros, Beceem, TI), OEMs (e.g., Gemtek, RAFI, Sercom) and consumer electronics systems makers (e.g., AVM, NETGEAR).
It accelerates the success of the global consumer electronics industry by providing innovative test solutions to the entire wireless communications industry value chain that shorten time to production, enhance customer support, and increase control of brand quality and costs.
"We invest in companies playing in large and growing addressable markets, with great teams, clear differentiation and unique competencies," said Mike Goguen, Sequoia Capital partner.
"LitePoint is at the top of the class in every regard important to us with a unique business model, large and fast growing markets, world-class technology, a superb customer base, and an inspired and driven team of people.
While they have doubled in size year over year, we believe they have only scratched the surface of their potential. We have long experience with fast growing companies and will be a strong partner with them during this new high-growth phase."
"When you look at Sequoia Capital's track record, it is second to none," said Benny Madsen, co-founder and CEO of LitePoint.
"We only want to be associated with the best, that's how we've run our business from day one. We are very fortunate to work with the people of Sequoia. With their caliber and experience on our side, we are completely aligned on how we think about scaling a business. We are convinced that they will help us be the undisputed best at how we service our customers, how we treat our people and how we reward our shareholders."