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Beceem Communications Announces C-round Financing in Excess of $20 Million; Lead By Samsung Ventures13 December 2005
Beceem Communications (www.beceem.com), a leading provider of chipsets for Mobile WiMAX technology, today announced that it has received more than $20 million in C-round financing led by Samsung Ventures America, the U.S. based venture capital investment arm for Samsung Venture Investment Corporation (SVIC). Beceem's existing investors -Global Catalyst Partners, KTB Ventures, Sequoia Capital, Walden International and Vinod Khosla also participated in this financing round. Additional C-round investments came from the AmBex Venture Group and Mitsui Incubase Corp.
"This funding provides Beceem Communications with the financial resources to lead the Mobile WiMAX chipset market with our high performance, power-efficient terminal chipset products and infrastructure baseband solutions," said Shahin Hedayat, CEO of Beceem. "The addition of Samsung Ventures to our funding partners is key to our success as it gives Beceem access to world-class partners and customers through the network of Samsung Ventures."
Beceem is a key contributor to the IEEE 802.16e standards effort and is also instrumental in defining the first Mobile WiMAX profile for the WiMAX Forum(tm). Beceem will accelerate its chipset product development and expects to be the first Mobile WiMAX chipset supplier to deliver a product that is fully compliant with the Mobile WiMAX profile. The company has already demonstrated its prototype chipsets to leading telecom equipment manufacturers that are participating in the development and deployment of Mobile WiMAX networks.
"Our strategic investment in Beceem represents Samsung's commitment to Mobile WiMAX," said Brian Kang, principal investment manager at Samsung Ventures America. "Beceem is a key player with leading edge solutions for the Mobile WiMAX space and we look forward to providing them with the resources to continue pioneering in the Mobile WiMAX market."
About Samsung Ventures America
Samsung Ventures America manages U.S. investment and investment-related activities for Samsung Group and Samsung Venture Investment Corporation from local offices in San Jose. The investment mandate for Samsung Ventures America tracks closely to the strategic priorities of various Samsung companies' core operating divisions, and encompasses investments in semiconductors, displays, telecommunications, and consumer electronics. Samsung Ventures America is currently actively investing in leading technology companies from a $300 million fund.
About Beceem Communications Inc.
Beceem Communications Inc. was founded in October 2003 with the goal of building a wireless technology company offering semiconductor solutions for the wireless broadband market. Beceem is the leading supplier of chipsets for the recently ratified, IEEE 802.16e standard on which Mobile WiMAX is based. The WiMAX Forum recently defined its first Mobile WiMAX profile at its General Assembly Meeting in Beijing in November of 2005. The company's solutions target both base station and subscriber terminal applications.
Beceem combines an experienced management team with strong technology leadership and seasoned Silicon Valley investors, along with a world-class team of engineers. For more information, visit www.beceem.com.
"WiMAX Forum(tm)" is a trademark of the WiMAX Forum(tm). Other third-party trademarks contained in this document are the property of their respective owners.
The Beceem Communications Logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=2167
CONTACT: Global Results Communications
Elizabeth Villanueva or Valerie Christopherson
(949) 608-0276
lizv@globalresultspr.com
valeriec@globalresultspr.com
Source: primezone
All trademarks and copyrighted information contained herein are the property of their respective owners.
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