NEW YORK—Israel's Valens Semiconductor Ltd., inventor of HDBaseT connectivity technology for transmitting high-definition content, said Wednesday (July 6) it closed $14 million in a second round of funding from a group of investment firms.
Valens, which markets HDBaseT chip sets, said the series B funding came from new investors, including Taiwan-based Pegatron and Japan-based Mitsui & Co. Global Investment Ltd., as well as Amiti Ventures, Aviv Venture Capital and previous Valens investors Genesis Partners and Magma Venture Partners. The company said it would use the funding to accelerate the development of follow-on products.
Valens, formed in 2006, emerged a few years ago to promote HDBaseT as one several wired alternatives to the high definition multimedia interface (HDMI). Last year, Valens established the HDBaseT Alliance with Samsung Electronics, Sony Pictures Entertainment and LG Electronics.
"The quality of investors engaged in this round of financing speaks to the success of our HDBaseT technology and signals trust in our vision and our ability to further penetrate the CE market," said Dror Jerushalmi, Valens CEO, in a statement. "These partnerships significantly enhance our ability to strengthen our foothold in the home-networking marketplace. We are ramping up production to deliver HDBaseT chipsets to global ODMs, OEMs and CE manufacturers along with added presence in the Japanese marketplace."