LONDON Ė Peraso Technologies Inc., a fabless chip company working on millimeter-wave radio transceiver technology, has raised C$8 million (about $7.9 million) in an equity financing round led by Celtic House Venture Partners.
Peraso (Toronto, Ontario), founded in early 2009 is developing transceivers for 60-GHz wireless multimedia links. In addition to existing investors iNovia Capital and VentureLink Funds, joining the investment syndicate as a new investor is the Ontario Emerging Technologies Fund (OETF). OETF is a C$250 million fund established by the Province of Ontario to invest private Ontario companies.
The company is making use of expertise in millimeter-wave RF design at the University of Toronto and, more recently, with antenna design expertise at the University of Waterloo. Peraso secured CDN$10 million (about $9.5 million) in Series A funding in October 2009.
"Celtic House has built a portfolio of companies in digital multimedia," said Ron Glibbery, CEO of Peraso, in a statement. "The domain knowledge of the Celtic House team and the business advantages derived from being part of their cluster of companies provided the foundation for Peraso to rapidly bring to market the world's first 60-GHz multimedia transceiver."
"Bringing the world's lowest cost, lowest power 60-GHz transceiver to market within a year of receiving initial venture funding is a significant accomplishment," said Celtic House Partner Brian Antonen. "It's a testament to the skills of the Peraso team and an example of our investment strategy, which stresses capital efficiency and risk mitigation. The addition of OETF to the syndicate will allow Peraso to support its accelerating business in the fast growing market for gigabit-class consumer electronics."
VL Advisors Inc., manager of VentureLink Innovation Fund Inc., said that its involvement in the latest round of financing brought Venturelink's investment to approximately $2.9 million.
"We are very encouraged by the technical progress of the company and by the ability of the WiGig organization to establish clear standards for the technology," said Jim Whitaker, managing partner at VL Advisors, in a separate statement.
The Peraso team has worked in the VentureLink offices since the fall of 2009. The latest funds would be used to add employees, relocate to larger office and lab space in Toronto and for continued development of the SiGe and CMOS versions of the Peraso radio transceiver technology.
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Millimeter-wave startup raises $10 million in Series A