Digital Mobile TV Leader Raises $20m in Growth Round Led by JVP
Siano's Capital will Enable Company's Expansion into North America
Siano Mobile Silicon (www.siano-ms.com), the leading supplier of mobile digital TV receiver chips, announced that it has completed a $20.6 million expansion capital financing round. The round was led by JVP. The proceeds of the current round will be used for expanding the Company's innovative product line as it extends its geographic presence in the emerging North American mobile ATSC market.
With approximately 50% market share in China and Latin America for chipsets that allow the reception of digital TV on mobile, portable and hand-held devices, Siano is the de-facto leader of the digital mobile TV market in these regions.
“The whole concept of TV viewing is evolving,” said Alon Ironi, CEO of Siano. "Today, TV consumers seek constant access to their favorite TV content – irrespective of the medium, their location or device. As more and more consumers use smartphones and tablets to watch their favorite content, our technology is going to become increasingly important."
"North American broadcasters are now preparing to deploy mobile ATSC, and, with market experts estimating an installed base of roughly 70 million tablets in the US within two years, the U.S. market serves as a natural extension to our strong position in its other markets. Over the last few weeks, we have been finalizing our new line of innovative solutions to meet the unique needs of the U.S. market, and the new funds will be used to implement these plans,” added Ironi.
Gadi Tirosh, a General Partner at JVP, will be joining Siano's Board of Directors as part of the round. "JVP has been an investor in Siano from its inception through its present rapid growth phase," said Tirosh. "The current round is directly in line with our strategy of actively supporting our most promising companies, as we build them into prominent international entities. Over the last 4 years Siano has evolved into a major force in the digital mobile TV space, taking the lead in both China and Latin America, and we view the company's expansion into the North American market as a major step in its ongoing growth and diversification strategy."
In the picture: Alon Ironi, Siano CEO