Next-Gen Wi-Fi Startup Secures Additional Round of Funding led by Trailblazer Capital with Existing Investors Participating
AUSTIN, Texas, Aug 06, 2012-- Nitero, a fabless semiconductor company developing next-generation 60GHz Wi-Fi solutions for mobile devices, today announced that it has begun demonstrating its multi-gigabit, ultra-low power Wi-Fi solution to select industry partners.
Coinciding with its demonstrations, Nitero has announced the addition of Trailblazer Capital as an investment partner in its latest round of funding. Joined by founding investors, Southern Cross Venture Partners and Austin Ventures, this round will provide capital for further development of Nitero's solution.
"Serving as a Board member for Nitero has provided excellent insight into the capabilities of the company and the market viability of their 60GHz platform. The team has executed upon demanding development plans in a timely and capital efficient manner. We're excited to lead this next round of financing and provide incremental industry know-how and capital to accelerate Nitero's plans," said George Barber, Venture Partner, Trailblazer Capital.
A much-anticipated advancement in Wi-Fi technology, 60GHz-enabled devices will eliminate the need for physical connectors, dramatically increasing ease-of-use. By connecting their tablets and mobile phones directly to docking stations, peripherals and displays, home and office users will enjoy the same capabilities and flexibility of high-end notebook computers in the convenience of a handheld device.
"Nitero is a great example of Technology Mining in Australia, when a unique Australian invention like Wi-Fi is united with experienced Australian and U.S. co-investors, a proven management team, and strong government support through NICTA and Commercialisation Australia, to create a truly disruptive innovation," said Dr. Larry Marshall, Managing Partner, Southern Cross.
"Nitero has set a new benchmark for capital efficiency in the fabless semiconductor category, through entrepreneurial creativity and leverage from key partnerships," said Clark Jernigan, Venture Partner, Austin Ventures. Both the talent they have assembled and the execution of the team have been truly impressive."
"Many said we couldn't run a semiconductor company and get to a meaningful milestone on the amount we raised in our first round," said N. Patrick Kelly, CEO, Nitero. "Our demo clearly proves this viewpoint was wrong."
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Nitero is a fabless semiconductor company developing next-generation 60GHz Wi-Fi solutions for mobile platforms. Based in Austin, Texas, with a design center in Melbourne, Australia, Nitero has assembled a world-class team with deep experience in the design and development of MAC, baseband and millimeter-wave solutions. Visit nitero.com for more information.
About Trailblazer Capital:
Trailblazer Capital is an early stage growth venture capital investor focused on companies with a disruptive business model, a sustainable competitive advantage, and an experienced management team. With an investment portfolio ranging from gaming technology to software to capital efficient green technology, the team at Trailblazer partners with leaders to build great companies with a focused business model and crisp execution. Visit trailblazercap.com for more information.
About Southern Cross Venture Partners:
Southern Cross Venture Partners was launched in 2006 by veteran venture capitalists who have managed and operated companies themselves. The team assists early and expansion stage technology companies that demonstrate the potential for exceptional growth and market leadership. Southern Cross Venture Partners is based in Sydney and Brisbane, Australia and Palo Alto, CA. Visit sxvp.com for more information.
About Austin Ventures:
Austin Ventures ("AV") has worked with talented entrepreneurs to build valuable companies for over 25 years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With an investment focus on business services and supply chain, financial services, new media, Internet, and information services, AV invests at all stages of company development, from $100,000 in "planned experiments" in early-stage ideas to $100+ million investments in expansion rounds and recapitalizations. AV's strategy is to partner with talented executives and entrepreneurs through its CEO-in-Residence and Entrepreneur-in-Residence programs. Visit austinventures.com for more information.
About Commercialisation Australia:
Commercialisation Australia is a merit based, competitive assistance program delivered by the Australian Government that provides an integrated, hands-on approach to help take products, processes and services to market. It offers a range of tailored assistance measures for specialist advice and services, proof of concept and early stage commercialisation activities. Commercialisation Australia has funding of $278 million over the five years to 2014, with ongoing funding of $82 million a year thereafter. Visit commercialisationaustralia.gov.au for more information
NICTA (National ICT Australia Ltd) is Australia's Information and Communications Technology Research Centre of Excellence. NICTA develops technologies that generate economic, social and environmental benefits for Australia. NICTA collaborates with industry on joint projects, creates new companies, and provides new talent to the ICT sector through a NICTA-enhanced PhD program. With five laboratories around Australia and over 700 people, NICTA is the largest organization in Australia dedicated to ICT research.
NICTA is funded by the Australian Government through the Department of Broadband, Communications and the Digital Economy and the Australian Research Council through the ICT Centre of Excellence Program. NICTA is also funded and supported by the Australian Capital Territory, the New South Wales, Queensland and Victorian Governments, the Australian National University, the University of New South Wales, the University of Melbourne, the University of Queensland, the University of Sydney, Griffith University, Queensland University of Technology and Monash University. Visit nicta.com.au for more information.