Investment round completed
Nanoradio AB of Sweden, which specialises in developing integrated circuits with low power consumption and small size for use in WiFi devices, raised $27 million in a round led by the Norwegian VC Ferd Venture, together with the previous investors Nordic Venture Partners, Innovacom, Teknoinvest and Industrifonden.
Until recently the WiFi business has focused on personal computers and network access points, but the most important trend now is to include WiFi in cellular handsets and consumer electronics,” said Pål M Rødseth, Partner at Ferd Venture. “We believe that Nanoradio will address a broad, rapidly expanding market and we see great potential in the company and its unique, feature-rich, WiFi solution.”
“Our product has made a great impact on tier 1 mobile phone manufacturers. The investment clearly indicates a big confidence in the company,” said Pär Bergsten, CEO of Nanoradio AB.
The Swedish company’s NRX700 chipset allows mobile phones and other hand held devices to use the voice over internet protocol and Nanoradio says it is the first company in the world to support WiFi in headsets and other audio devices. The company has demonstrated a fully-functional WiFi stereo HiFi headset using the NRX700 chipset.
Nanoradios target markets are mobile phones, portable media devices and other battery-driven handheld consumer devices.
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