- Leading "Any Wire" Multimedia Home Networking Company Closes Investment
from SEP, Accel Partners and Pond Venture Partners -
REDWOOD CITY, CALIF. & BARCELONA, SPAIN & EDINBURGH, SCOTLAND, November
27 /CNW/ - Gigle Semiconductor, the leading developer of "any wire" multimedia
home networking solutions, today announced that it has received $20 million in
Series B funding. The round was led by a new investor, SEP. Existing
investors, Accel Partners and Pond Venture Partners, also participated. The
new funding will be used to support the development and launch of the
company's next-generation multimedia home networking solutions.
"The level of investment and the quality of our investors is a huge vote
of confidence in the company, its technology, and its people", said Juan
Carlos Riveiro, president and CEO of Gigle. "The investment will enable us to
deliver on our promise of a home networking solution that provides vastly more
reliable whole-home network coverage than the best solutions available today,
an essential requirement for consumer acceptance"
This important funding milestone may be viewed against the backdrop of an
industry which is rapidly gaining momentum. In recent months the market for
multimedia home networking has taken significant steps towards the formation
of a true standards-driven mass market. This is evidenced by the recent
announcement that the joint proposal submitted by HomePlug(R) Powerline
Alliance member companies and Panasonic(R), is the sole MAC/PHY proposal
remaining in the IEEE P1901 work group process for creating an international
standard for in-home and access powerline communication technologies. Gigle is
a strong advocate and leading participant in developments towards the IEEE
powerline communications standard and the ITU any wire home multimedia
communications standard, both of which are set to be confirmed in 2008.
Consumers will benefit through widespread adoption of compatible network
devices for applications such as high-definition and standard-definition
internet protocol television (IPTV), cable and satellite installations,
multi-room digital video recorder (DVR) networking, and on-line and networked
console and PC video game connections.
Stuart Paterson, a partner in SEP's information technology group joins
the board of directors. Stuart brings a wealth of experience in rapid-growth
semiconductor companies, having previously served on the board of Cambridge
Silicon Radio (LSE: CSR). SEP was a founder investor in Wolfson
Microelectronics (LSE: WLF). Stuart said "We are very impressed with the team
at Gigle and the progress they have made in bringing their world-beating
technology to market. SEP has a strong track record of investment in
successful semiconductor companies, and we are confident that Gigle will
follow the same model of success."
Kent Godfrey, senior partner at Pond Venture Partners said "We had no
hesitation in following our initial investment in Gigle. In our opinion, Gigle
is the only company that has assembled all the ingredients necessary to
deliver a truly global solution for communicating high definition video around
the home. The potential is enormous".
About Gigle Semiconductor:
Gigle Semiconductor is developing system-on-chip integrated circuits for
multimedia home networking over any wire - powerline, coax and/or phoneline.
Such networks will change the way we view movies and television broadcasts,
listen to music, access information and play games. Gigle's integrated
circuits offer superior performance, coverage and quality of service than
alternative communication technologies, and are designed to be easily
integrated in consumer electronics and IT products.
Gigle has offices in Redwood City, CA; Barcelona, Spain and Edinburgh,
UK. Additional information about the company is available at
Legal advice to Gigle Semiconductor. was provided by Heller Ehrman's
About Scottish Equity Partners (SEP):
SEP is a leading European venture capital firm with offices in Glasgow
and London. It helps entrepreneurs to create and build world class companies.
The investment team, which has been investing together for 15 years, targets
emerging companies in the information technology, healthcare and
energy-related technology sectors. SEP's previous investments include some of
the UK's most successful technology companies including CSR (LSE:CSR); Wolfson
Microelectronics (LSE:WLF); and Atlantech Technologies (NASD:CSCO). Its
current portfolio includes picoChip, ipaccess, Radioscape and Zeus. Recent
exits include the $275 million sale of energy services company MTEM to
Petroleum Geo-Services (ASA:PGS) (OSE and NYSE: PGS). www.sep.co.uk
(C) Gigle Semiconductor. All rights reserved.
For further information:
For further information: Gigle Semiconductor Davin McAndrews, SVP
Marketing and Business Development Tel. 415-676-9963 firstname.lastname@example.org
or Michael Wilson, VP Marketing Operations Tel. +44 131 557 8889