Nanoradio has Secured Financing of EUR 10 Million From Existing Investors to Strengthen Nanoradio's Growth Expansion
STOCKHOLM, Sweden, July 2, 2010 /PRNewswire/ -- Nanoradio today announced that they have signed an agreement with the current investors Viking Venture, Creandum, Ferd, Industrifonden, Nordic Venture Partners, Innovacom, and Teknoinvest to fund Nanoradio for its growth expansion.
The Nanoradio "Always On WiFi"(TM) solution - the NRX700/2 WiFi chipset, which offers fully tested 802.11b/g functionality, featuring ultra-low power consumption, has won tremendous customer attraction and now, in addition, by the launch of the brand new "Eco-Fi"(TM) family of products, the NRX600 and 605 products which are supporting 802.11 b/g/n standards, Nanoradio is further strengthening the company's position to capture significant shares of the embedded consumer electronics market.
With the new investment, Nanoradio will be well equipped to support its volume growth together with executing a more ambitious launch plan of a new line of competitive products.
"This means that we will become a significant connectivity provider and the investment in Nanoradio is a significant recognition of the trust in our team and our capability to deliver according to plans, says Tord Wingren, President & CEO of Nanoradio AB. "During the last 12 months we have made tremendous progress and we will now show our longer term commitment to continue to provide world-class WiFi solutions to Tier-1 Mobile Phone makers and demonstrate our capabilities to deliver high volumes to the highest quality standards."
"Nanoradio is the most exciting wireless semiconductor company in the Nordic region. We are hugely impressed by the strength in Nanoradio's solution and its customer expansion as well as the overall execution done by a very experienced management team, which also recently have been strengthened further. Nanoradio is the first company to offer a solution that allows for having the WiFi-functionality constantly switched on without draining the battery, now also in a miniaturized in the true one chip system solution, "Eco-Fi"(TM) family of products, with outstanding area and costs. The market for this solution is enormous with hundreds of millions of WiFi-devices including mobile phones that will continue benefit from Nanoradio's technology", comments the Chairman Torbjorn Nilsson, on behalf of the whole board.
"We are very satisfied with the way Nanoradio has developed since our first investment 12 months ago", says Eivind Bergsmyr, Partner at Viking Venture and board member of Nanoradio. "The company is executing on its strategy to become a leading WiFi solutions provider to the Mobile Phone industry, and with an exiting product portfolio and increasing customer interest we are positive that Nanoradio will be reaching it's ambitious targets. Raising EUR 10 millions from existing investors shows the strong belief all existing investors have in the company".
About Nanoradio AB
Nanoradio is backed by Viking Venture, Creandum, Industrifonden, Nordic Venture Partners, Ferd, Innovacom, and Teknoinvest.
Nanoradio design semiconductors with wireless capability for the cellular and handheld market where buying decisions relate to power consumption, stability, physical size, and total cost for customers.
Nanoradio has developed the most integrated circuits bringing outstanding WLAN capabilities into mobile phones and consumer multimedia electronics. Nanoradio's WiFi chips target a range of applications, including mobile phones, wireless digital cameras, wireless headsets, Portable media Players and gaming devices.
Nanoradio was founded in March 2004 and is a "fabless" company meaning that all manufacturing is outsourced. Nanoradio has a leading team of extensive experience from the cellular and wireless industry, semiconductor industry and start-ups. The head-quarter is in Kista, Sweden and sales offices in Korea, Taiwan, Japan and USA.
SOURCE Nanoradio AB
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