LONDON Fabless chip company Air Semiconductor Ltd. (Swindon, England) has received additional funding from Pond Venture Partners to complete development of its GPS chip and to strengthen its intellectual property portfolio. The company has replaced its top executive as part of a re-organization.
Air said it would focus efforts in 2009 and 2010 on completing the development of its AirWave-1 GPS product. The company said it would strengthen its intellectual property portfolio by completing patent filings and architecture designs.
The amount of money Pond Venture Partners is providing was not disclosed. In view of economic climate Air has decided to make changes to its business strategy and said it would adapt the organization accordingly.
Air now plans to form strategic partnerships with companies who have existing commercial channels in applications relevant to Air's Always-on GPS technology. Initial discussions with leading parties have started, the company said.
The company is now led by managing director Andy Heaton, formerly vice president of operations. Heaton has apparently replaced Hugh Thomas, appointed as CEO of Air in May 2008,
"This [investment] is an important milestone for our young company as it allows us to continue our technology mission. It is encouraging to receive confidence from our investors and ongoing support from our board and advisors to maximize the value of our unique technology," said Heaton, in a statement. "Despite the hurdles we have faced due to the worldwide recession, the team is as committed as ever to bring this technology to the market."
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