WISPRY, INC. HAS CLOSED an additional $10 million of Series C financing, which brings the total of the Series C round to $20 million. The round was led by two new investment partners, Chart Venture Partners and Acadia Woods Partners. This funding round will help to expand the company's operations, engineering, and applications-support structure as WiSpry begins production shipments to leading wireless-handset OEMs and ODMs this summer.
WiSpry, which is headquartered in Irvine, CA, is a fabless RF semiconductor company that is developing integrated and cost-effective programmable RF products for multiband, multi-standard handsets. With this technology, the wireless industry should be able to provide users with smaller, more technically advanced, and more energy-efficient wireless devices that reliably stay connected at the high data rates required by future mobile wireless applications. The company's RF product solutions promise to enable the convergence of digital, analog, RF, and microelectromechanical-systems (MEMS) functionality on a single chip, creating a platform for true RF systemon- a-chip (SoC) solutions.
According to Russ Garcia, WiSpry's Chief Executive Officer, "The additional funding from two new partners further validates our progress, technology, and company direction, despite the tough economic climate. This investment aligns well with our ramp-to-volume production plan, as we are moving forward with the productization of our first products and as we have customer commitments now in place for new product developments slated for 2010 production and beyond."
Ted Hobart of Chart Venture Partners, WiSpry's newest board member, states, "Our due diligence showed that WiSpry is a leader in programmable RF targeted specifically at wireless-handset applications. Of all the companies we evaluated, WiSpry offers a real and unique value proposition to their handset customers, carriers, and consumers."
At the beginning of April, WiSpry announced its first closing for a Series C financing of $10 million dollars. That round was led by a new investor in the company, Paladin Capital Group, which also gained a seat on WiSpry's board of directors. The round included a new strategic investor, MuRata Manufacturing Co. Ltd., as well as existing investors L-Capital Partners, Blue Print Ventures., American River Ventures, In- Q-Tel, Tech Coast Angels, and Shepherd Ventures. For more information, visit www.wispry.com.
