Capital Targeted at Growth of Peraso WiGig® IC Sales
TORONTO, April 21, 2016 /CNW/ - Peraso Technologies Inc., a leader in Wireless Gigabit (WiGig®) chipsets, announced today that it has raised a $20 million funding round. The round was co-led by US semiconductor company IDT (IDTI on NASDAQ), and existing investor Roadmap Capital (Roadmap), with additional financing from iNovia Capital.
Peraso is in production with WiGig® IC solutions, addressing both next generation WiFi opportunities in the consumer electronics (CE) space, as well as outdoor devices in the 60 GHz wireless infrastructure space. The investment will be used to increase the company's capacity to address the significant customer interest in all of the targeted market opportunities, including smart phones and virtual reality (VR).
"The interest we're seeing in WiGig® is tremendous," said Ron Glibbery, President and CEO of Peraso. "Multi-Gigabit wireless connectivity is something that more and more CE and wireless infrastructure manufacturers are seeking to incorporate in their products. Raising this capital allows Peraso to take our sales to the next level. Participation by IDT provides further validation of the market opportunity, and continued participation from Roadmap, as well as iNovia, speaks to the tremendous success the company has demonstrated in getting our first ICs to market."
"As wireless video and data volumes continue to explode, we believe WiGig will offer significant capabilities in addressing customer demands," said Sailesh Chittipeddi, Chief Technology Officer and Vice President of Global Operations at IDT. "Peraso has demonstrated its ability to develop the WiGig ecosystem that can address the demands of tomorrow, and IDT is excited to support this industry leader."
"Peraso has demonstrated interoperability with a variety of available WiGig products which are based on either Intel or Qualcomm chips; this is an achievement which is essential to create a robust WiGig ecosystem. Additionally, Peraso is the only company offering a WiGig® USB stick solution for legacy devices—something which is necessary for backward compatibility of existing WiFi equipment," said Imed Zine, PhD, Principal at Roadmap. Hugh Cleland, Roadmap Co-Founder and Peraso Board member, added: "Peraso has demonstrated excellent product execution, which has resulted in leadership in multiple markets. Roadmap Capital is excited to fund the acceleration of Peraso's growth, helping to transform Peraso into a global semiconductor company from within the Canadian high technology ecosystem."
About Peraso Technologies, Inc.
Peraso is a fabless semiconductor company headquartered in Toronto, Canada. The company is focussed on the development of 60 GHz chip sets and solutions compliant with the IEEE 802.11ad specification. 60 GHz has been adopted for interoperability certification by the WiFi Alliance under the WiGig® brand, and WiGig® has seen strong industry endorsement by tech giants such as Samsung, Qualcomm and Intel. For more information, visit www.perasotech.com.
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Integrated Device Technology, Inc. develops system-level solutions that optimize its customers' applications. IDT's market-leading products in RF, timing, wireless power transfer, serial switching, interfaces and sensing solutions are among the company's broad array of complete mixed-signal solutions for the communications, computing, consumer, automotive and industrial segments. Headquartered in San Jose, Calif., IDT has design, manufacturing, sales facilities and distribution partners throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol "IDTI." Additional information about IDT is accessible at www.IDT.com
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About Roadmap Capital
Roadmap Capital is an investment platform that offers co-investment opportunities in innovative private companies in the technology and medtech sectors. The Roadmap Capital team conducts extensive due diligence with deep domain expertise to select its portfolio companies. The Roadmap Capital platform creates an environment that fosters partnership and value creation between its investors and the entrepreneurs leading its portfolio companies. For more information, please visit:
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