LONDON WiMAX chip specialist Sequans Communications has raised $24 million in a new round of equity financing to ensure that its aggressive product development schedule in the emerging market remains on track.
This brings the total amount invested in the company, which was founded in 2003, to about $36 million.
The round was led by Kennet Venture Partners, and existing investors, Add Partners, Cap Decisif, T-Source, SG Asset Management and Vision Capital, also participated in the round.
Sequans (Paris, France) earlier this month started sampling its 802.16e mobile WiMAX chipset that integrates physical layer and MAC functions into a single baseband device. It expects reference designs based on the part to be certified in the first wave of WiMAX Forum mobile certification planned for later this year.
The company is one of the few chipmakers to have received certification for both base station and subscriber station reference designs for its fixed WiMAX designs.
Georges Karam, Sequans CEO, said: " We will use our new funding to grow our organization, particularly in the areas of sales and customer support, and to further accelerate the introduction of high-performance, low-power, low-cost integrated chips to support mobile and fixed applications."
The company appears in the latest version of the EE Times 60 Emerging Startups list.