Altair Gets $22M for WiMax Chip Development - Tech Confidential

Altair Gets $22M for WiMax Chip Development
Tech Confidential

Sept. 23, 2008

WiMax chipmaker Altair Semiconductor Ltd. has snagged another sizable round of investment, announcing Tuesday a $22 million Series C funding led by Pacific Technology Fund.

ETV Capital also invested in the round, alongside returning investors that weren't identified by name. The funding will be used to expand the Israeli company's global presence, sales and customer support, and to fuel future chip development, the company said.

Rather than focus on the laptop market for WiMax chipsets, Altair has targeted the mobile handheld device sector for its tiny processors. In its press release, the company quoted Yankee Group chief strategy officer Berge Ayvasian as saying that Altair's processors enable the cost-effective integration of WiMax into virtually any device.

"This third and significant round is not only important for Altair's expansion, it is also important for the WiMax industry," he said.

The round builds on an $18 million Series B announced last year. That round was led by Bessemer Venture Partners with participation from BRM Capital, Giza Venture Capital and Jerusalem Venture Partners. - Olaf de Senerpont Domis