LOWELL, Mass., Aug. 18, 2008 (GLOBE NEWSWIRE) -- BitWave Semiconductor today announced that it had closed $10 million of additional financing in an initial Series B funding round. The financing was provided by BitWave's existing investors: Apex Venture Partners, TVM Capital, and ECentury Capital Partners. The funding will be used to realize commercialization of BitWave's BW1102 Softransceiver(tm) RFIC as the BW1102 moves into full volume production during Q4/2008 for fulfillment of initial supply contracts.
Wayne Boulais, Managing Partner at Apex Venture Partners, stated for the investors that "the successful completion of BitWave's B-round highlights the investor's continued enthusiasm in BitWave. The investors strongly believe that the markets for BitWave products will continue to expand as BitWave transitions to full production in the coming months; we remain fully committed to BitWave's success."
BitWave's Softransceiver RFIC allows a single transceiver to be software programmed to work at any frequency, any bandwidth and for any wireless protocol. This approach overcomes the limitations of fixed-function transceivers and enables the design of multi-mode, multi-band wireless devices targeted at key markets such as cell phones, femtocells, wireless data cards, and public safety radios. BitWave's Softransceiver RFICs are programmable platforms enabling device manufacturers to develop and introduce wireless devices more rapidly and with both reduced development and bill of material costs. This is done with uncompromised RF performance and with excellent battery life.
"Thanks to this additional investment and our continuing investor support, we are moving rapidly to place the BW1102 Softransceiver into full production this year and to fully capitalize on the commercial opportunities available to us," commented Dr. Michael Farese, Bitwave CEO. "This funding will enable BitWave to fulfill our initial supply agreements, and to add to our customer base and partner programs in the coming months."
About BitWave Semiconductor
BitWave Semiconductor, Incorporated, (www.bitwave.com) is a fabless semiconductor company and developer of the Softransceiver RFIC. Mobile devices using the Softransceiver RFIC can operate on multiple frequencies and communication protocols, giving consumers and businesses a broader choice of networks and services. The Softransceiver allows network operators to offer services on demand and allows manufacturers to build a single, low-cost radio that can be used in any network, anytime, anywhere. All of these benefits are achieved while lowering the total bill of materials, increasing phone battery life and increasing radio performance.
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