Paladin Capital Group leads the round of financing as WiSpry's newest investment partnerIRVINE, Calif. -- April 7, 2009
-- WiSpry, Inc., the leader in programmable radio frequency (RF) semiconductor products for the wireless industry, today announced its first closing for a Series C financing of $10 million dollars. The round was led by a new investor in the company, Paladin Capital Group, which is also gaining a seat on WiSpry's board of directors, as well as existing investors L-Capital Partners and Blue Print Ventures. A new strategic investor, MuRata Manufacturing Co., Ltd., and additional existing investors American River Ventures, In-Q-Tel, Tech Coast Angels and Shepherd Ventures also participated. A second close of the Series C, anticipated to be at least $5M, is expected to be completed this summer.
WiSpry, a fabless RF semiconductor company, is developing highly-integrated and cost-effective programmable RF products for multi-band, multi-standard handsets including tunable antennas and tunable impedance matching networks using industry standard CMOS processes. This unique technology enables the wireless industry to provide users with smaller, more technically advanced, and more energy efficient wireless devices that reliably stay connected at the high data rates that future mobile wireless applications will require. The Company's RF product solutions are revolutionizing the design and capability of high volume wireless products by enabling, for the first time, the convergence of digital, analog, RF and MEMS functionality on a single chip, creating a platform for true "RF- system-on-a-chip" solutions.
"Completion of a financing with new investors in this economic climate is validation of the tremendous progress we have made at WiSpry and a tribute to our employees who have continued to execute and ready our first product for volume production this year with our key customers," said Russ Garcia, WiSpry's CEO. "As the demand for multi-band 3G and 4G wireless handsets continue to grow, the need for digitally programmable RF becomes even greater. The capability we are bringing to market enables cost-effective solutions that boost performance for both carriers and handset manufacturers. And, the consumer ultimately benefits with fewer dropped calls and longer battery life. Our products provide a true win-win across the entire wireless communications food chain."
"The traction from the top handset manufacturers that the company has developed already is remarkable and validates the market need for their product technology," said Paul Conley, Paladin Capital Group. "As we have gotten closer to WiSpry over the last several months, this team's execution to critical milestones has been outstanding and we are pleased to be a part of such a strong team. We believe that WiSpry's tunable RF-MEMS products and its technology will enable a new generation of mobile devices with better energy efficiency, smaller form factor and superior RF performance that are able to seamlessly support multiple mobile communication standards and worldwide frequency bands for both consumer and homeland security applications."
This funding round will help expand the company's operations, engineering and applications support structure as WiSpry begins production shipments to leading wireless handset OEMs and ODMs this summer.About Paladin Capital Group
Founded in 2001 and headquartered in Washington, D.C., Paladin Capital Group is a leading multi-stage private equity firm providing capital for growing companies focused on commercial and government markets, and offering products, services and technologies that address homeland security needs and enhance critical infrastructure world wide. Paladin has over $980 million under management across multiple funds and 35 portfolio companies. Importantly, the fund's leadership is comprised of individuals with a proven track record of financial expertise, national security experience and specialized technical competence. For more information, visit www.paladincapgroup.com
Headquartered in Irvine, Calif., WiSpry is a fabless RF semiconductor company that designs and manufactures RF CMOS integrated circuits and components for leading manufacturers of mobile phones, laptops and wireless data communications products. Utilizing the Company's core competency in RF micro-electro-mechanical systems (RF-MEMS) technology, WiSpry creates revolutionary wireless 'System on Chip' MEMS-based RF architectures, and has recently begun shipping products to a Tier 1 mobile handset manufacturer. WiSpry tunable RF-MEMS devices enable the development of reconfigurable RF front-ends, allowing system designers to achieve the architectural innovation required to meet the growing challenges of mobile communications networks. For more information, visit www.wispry.com