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WiSpry Secures $10 M Financing
WiSpry Inc., a leader in programmable RF semiconductor products for the wireless industry, announced its first closing for a Series C financing of $10 M dollars. The round was led by a new investor in the company, Paladin Capital Group, which is also gaining a seat on WiSpry’s board of directors, as well as existing investors L-Capital Partners and Blue Print Ventures. A new strategic investor, MuRata Manufacturing Co. Ltd., and additional existing investors American River Ventures, In-Q-Tel, Tech Coast Angels and Shepherd Ventures also participated. A second close of the Series C, anticipated to be at least $5 M, is expected to be completed this summer.
WiSpry, a fabless RF semiconductor company, is developing highly-integrated and cost-effective programmable RF products for multi-band, multi-standard handsets including tunable antennas and tunable impedance matching networks using industry standard CMOS processes. This unique technology enables the wireless industry to provide users with smaller, more technically advanced, and more energy efficient wireless devices that reliably stay connected at the high data rates that future mobile wireless applications will require. The company’s RF product solutions are revolutionizing the design and capability of high volume wireless products by enabling, for the first time, the convergence of digital, analog, RF and MEMS functionality on a single chip, creating a platform for true “RF-system-on-a-chip” solutions.
“Completion of a financing with new investors in this economic climate is validation of the tremendous progress we have made at WiSpry and a tribute to our employees who have continued to execute and ready our first product for volume production this year with our key customers,” said Russ Garcia, WiSpry’s CEO. “As the demand for multi-band 3G and 4G wireless handsets continue to grow, the need for digitally programmable RF becomes even greater. The capability we are bringing to market enables cost-effective solutions that boost performance for both carriers and handset manufacturers. And, the consumer ultimately benefits with fewer dropped calls and longer battery life. Our products provide a true win-win across the entire wireless communications food chain.”
This funding round will help expand the company’s operations, engineering and applications support structure as WiSpry begins production shipments to leading wireless handset OEMs and ODMs this summer.