LONDON Fabless semiconductor group Magnolia Broadband, Inc., has raised $14 million in a fourth round of financing that brings the total invested in the five year old company to $40 million.
Magnolia (Bedminster, N.J.) said it would use the money to speed the commercialization of its DiversityPlus technology in both the U.S. and Korean markets.
The company has leveraged existing hooks within CDMA standards and used patented algorithms and techniques to achieve full, two-way antenna diversity without the need for network upgrades or protocol changes.
It says deploying the chips in dual antenna cell phones will enable carriers to increase subscribers within the same wireless infrastructure, eliminating the need for additional cell towers, while boosting capacity, coverage, mobile data throughput and battery life.
The latest round included new investors Quantum Technology Partners and WS Investments, as well as existing investors such as Intel Capital, Selway Partners, SCP Private Equity Partners and Draper Fisher Jurvetson Gotham.
"The new funding will carry the company into 2007 towards profitability, enabling us to not only continue innovating on our antenna diversity technology, but also to deploy it shortly in cell phones on a worldwide basis," said Osmo Hautanen, CEO of Magnolia Broadband, in a statement.