Altair Semiconductor raises $26 million
JVP led the round, joined by all current investors
LTE 4G chipset designer Altair Semiconductor Ltd. raised $26 million in a round led by Jerusalem Venture Partners (JVP). All of Altair's current investors – BRM Capital, Bessemer Venture Partners, Giza Venture Capital and Pacific Technology Partners – also participated.
Altair will use the proceeds to support its rapid global sales growth, and to develop next-generation LTE products. Since its founding in 2005, the company has raised $74 million, inclusive of the current round.
Over the past two years, Altair has positioned itself as the market leader in LTE chip design. It was the first to launch LTE chips in September 2009, ahead of larger and older semiconductor companies. The company's products have subsequently participated in commercial LTE network deployments in Europe, as well as field trials in the US, Japan, China, India and Germany.
In December 2010, Altair announced that its chipsets will power the products of Germany's AVM GmbH, to be used by the 4G network of Telefonica O2 Germany GmbH & Co.
"This financing round is an important milestone for us, as we move from working with a limited number of customers to supporting large-scale commercial deployments, including entering markets in Asia, Europe and the US,” said Altair CEO Oded Melamed. "The LTE market is expected to grow rapidly in the coming years. The proceeds from this financing round will enable us to strengthen our sales infrastructure and to improve our customer support as we expand our market presence."
“With its current global deployment and its chipsets now powering numerous mobile devices from tier-one manufacturers, Altair has established itself as the world's leading developer of LTE solutions," said Kobi Rozengarten, Managing Partner, JVP. "From the very beginning of our relationship with Altair, JVP fully believed that the combination of the Company's sound leadership and cutting-edge technology platform would translate into the commercial success that we are now beginning to witness."