Financing to Fund Development of Next-Generation Ultra-Low Power Wi-Fi Chip
San Jose, CA – December 5, 2011 - GainSpan Corporation a leader in low power embedded Wi-Fi solutions, today announced that it has raised $18 million in Series C funding. Hatteras Funds, based in New York and North Carolina, and Mobile Internet Capital, based in Japan, joined in the round along with existing investors Opus Capital, In-Q-Tel, Intel Capital, New Venture Partners, Sigma Partners and Camp Ventures. GainSpan will use the new funds to further development of its next-generation ultra-low power Wi-Fi chip to support growth and maintain its technology leadership.
Over the past year GainSpan has experienced significant quarter to quarter growth in sales, design wins and overall market momentum, with Wi-Fi being accepted more and more as the technology of choice for the Internet of Things. Global demand for low power embedded Wi-Fi is being driven by device manufacturers looking to connect their devices to smartphones, to an existing Wi-Fi infrastructure or to the Internet. With its ultra-low power, highly comprehensive integrated networking stack and ease of use, the company's embedded Wi-Fi is the ideal solution for companies who want to connect all kinds of devices.
"GainSpan is clearly poised to capitalize on what has become a massive move to connect 'things' to the Internet," said Hideaki Yajima, executive director of Mobile Internet Capital, Inc. "Our investment reflects confidence that GainSpan is uniquely positioned in this space and is delivering a compelling technology to help make Wi-Fi the standard for Internet of Things connectivity."
"GainSpan continues to make great strides as an emerging leader in the low-power embedded Wi-Fi space," said Matt Lesesky, Hatteras Funds. "We think the company has the potential to help transform the practice of medicine by enabling remote health and wellness services on a wide scale. They are quickly expanding their footprint in this market and building a compelling business."
"The Internet of Things market is growing dramatically and taking off worldwide. Low power Wi-Fi is being used on more devices than ever before and GainSpan is at the heart of it," said Carl Showalter, general partner at Opus Capital, Inc. "Gainspan's leadership in supplying low power chips with high value software has been instrumental in helping accelerate this promising new market. We are excited to continue our support."
"Being able to attract such world-class companies is the ultimate seal of approval that we are in the right place at the right time with the right solution. While the debate over what wireless technology works best will continue, it's hard to argue with powerful financial backers, real customers and proven, innovative products in a hot market," said Greg Winner, President and CEO of GainSpan.
GainSpan is a leading ultra-low power embedded Wi-Fi solutions company focused on connecting things wirelessly to the Internet. The company's Wi-Fi chips and modules make it possible to quickly and easily add Wi-Fi to devices, through a serial interface to a device microcontroller. The GainSpan Wi-Fi chip handles all Wi-Fi functionalities, networking and security stacks, accelerating wireless device development cycles. GainSpan solutions feature an ultra low power SoC that consumes just a few µA of standby current and has a few ms of wake-up latency, ideal for battery operated devices requiring long life. Applications for the company’s embedded Wi-Fi include healthcare, smart energy and control and monitoring for industrial, commercial and home markets. Based in San Jose, CA, the company has R&D facilities in Bangalore, India. www.gainspan.com