WiQuest Communications Secures $28 Million in Series C Funding
WiQuest Communications, Inc., a fabless semiconductor company focused on the design and production of complete high-performance, ultra-wideband-based wireless silicon solutions, recently announced that its Series C round of funding has closed.
The oversubscribed round attracted $23 million in private equity financing and up to $5 million in growth capital financing. The round added notables Adams Street Partners, the D. E. Shaw group, and TriplePoint Capital to its prestigious list of investors. This round also included the full participation of existing WiQuest investors Sequoia Capital, Menlo Ventures, Palomar Ventures and ID Ventures America.
“We view WiQuest as the clear leader in a market segment on the brink of exponential growth,” said Tom Dolson of Adams Street Partners. “WiQuest’s innovative technology has been leveraged to provide compelling value to its growing customer base. We believe that WiQuest will continue to extend its leadership position based on this exceptional technology and world class management team.”
“We believe WiQuest is ushering in the next frontier of wireless communications for personal area networks,” said Alexander Wong of the D. E. Shaw group. “With its focus on innovation, we think the company has demonstrated impressive advancements and is well-positioned to maximize the growth potential in this market.”
WiQuest will use the funding to develop next generation products and to ramp production as key customers introduce products in 2007 that are based on the Certified Wireless USB specification from the USB-IF and WiQuest’s leadership Wireless Digital Video (WiDV™) technology.
“WiQuest has established a very strong base of customers who have recognized the value of our technology and total solutions,” said Matthew B. Shoemake, WiQuest founder, president and CEO. “This investment is powerful acknowledgement of the momentum of the market and the support for WiQuest as the leader in ultra-wideband total solutions.”
WiQuest Communications, Inc. is the leading, fabless semiconductor company designing and developing complete WiMedia-based ultrawideband (UWB) solutions focused on ultra high speed, short range applications. WiQuest’s complete solution offering includes chipset, software and reference designs. WiQuest’s technology enables a new class of applications for wireless connectivity to PC, consumer electronics and mobile systems – enabling The New Frontier of Wireless.
Founded in September 2003, WiQuest’s strong team comprises hundreds of years of collective industry semiconductor and system experience, resulting in dozens of successful high-volume product implementations including Wireless LAN, DSL and Ethernet solutions.
For more information, please visit www.WiQuest.com