Broadband wireless system-on-a-chip (SoC) supplier Provigent announced that it had closed a fifth round of financing for $10 million with Lightspeed Venture Partners. The firm joins a list of earlier investors in Provigent that includes Sequoia Capital, Pitango Venture Capital, Globespan Capital Partners, Magma Venture Partners, Ascend Technology Ventures, Delta Ventures, Stata Venture Partners, and Dr. Andrew Viterbi. According to Dan Charash, Provigent's CEO, "We are proud to have Lightspeed Ventures Partners as part of our investors team. The investment community's consistent confidence in Provigent is testament to the strength of our business success and focus."
David Gussarsky, Managing Director at Lightspeed, noted that "Provigent is the leading SoC provider in the wireless transmission market, as evidenced by the company's growth and broad customer base. We believe that the wireless backhaul market is poised for accelerated expansion over the coming years due to the exponential increase in data traffic and the rapid subscriber growth in emerging markets. Lightspeed is very impressed with Provigent's leading market position, its strong record of achievement and the potential of its technology."