Onkyo joins existing investors in Series D financing round
BEAVERTON, Ore. Jan. 18, 2010 Avnera Corporation, the pioneer in Analog System-on-Chip (ASoC) technology for consumer electronics devices, announced today that it has closed a new $10 million round of financing. The money was raised from existing investors and also new investor Onkyo Corporation. Onkyo and Avnera are jointly working on several products currently and expect to bring these products to market in the second half of 2010.
Avnera has more than ten ASoCs in mass production including the AudioMagic and VoiceMagic families. These ASoCs are powered by Avneras breakthrough IP portfolio of analog and audio technologies. Avneras ASoCs enable dozens of products today from more than 15 customers with several more expected in 2010.
Avnera continues to execute well to its plan of enabling its customers to deliver differentiated audio products using Avneras highly disruptive ASoC technology, said Manpreet Khaira, CEO, Avnera Corporation, We have tremendous support from our existing investors and are pleased to welcome Onkyo as a new investor. We expect to use the proceeds of series D to accelerate the companys growth as a pre-eminent analog semiconductor company.
We are very impressed by Avneras world-class technologies and broad portfolio of ASoCs, said Munenori Ohtsuki, COO, Onkyo Corporation. We look forward to collaborating closely with Avnera to assist us in delivering leading audio and video products.
Avnera was founded in early 2004 and has raised $52M to date in four rounds of financing from Altien Ventures, Bessemer Venture Partners, Best Buy Capital, DAG Ventures, Intel Capital, JAFCO Ventures, Onkyo Corporation, Panasonic Venture Group, Polycom Corporation and Redpoint Ventures.
Onkyo Corporation, founded in 1946, is the world's leading designer and manufacturer of digital audio/video products with superior audio and visual technologies, as well as traditional analogue audio and speaker systems. Onkyo products include DVD/CD players, amplifiers, home stereo speakers, and home theater systems. Furthermore, Onkyo also manufactures and offers to the Japanese market innovative PC and PC peripheral products with high-quality audio capabilities. Since Onkyo merged with Sotec Corporation (Japanese PC manufacturer) in 2008, Onkyo has been expanding its PC business.
Onkyo also engages in its contract business of supplying Onkyos quality products like speakers for automobiles, television, video games, and other various products. Onkyos worldwide headquarters is in Japan. For more information, please visit www.onkyo.com
About Avnera Corporation
Avnera is a venture-backed fabless analog semiconductor company based in Beaverton, Oregon that has pioneered Analog Systems-on-Chip (ASoC) technology for consumer electronics applications. The companys ASoC products are designed to accelerate time to market by enabling very high levels of system integration on chip thereby reducing product development time. Avneras ASoC solutions allow consumer electronics manufacturers to quickly and easily create wireless wired-quality multi-source, multi-listener high fidelity consumer electronic audio products. Avnera is funded by Altien Ventures, Bessemer Venture Partners, Best Buy, DAG Ventures, Intel Capital, JAFCO Ventures, Onkyo Corporation, Panasonic Venture Group, Polycom and Redpoint Ventures. More information is available at www.avnera.com.