Funds to Fuel LTE Company's Global Expansion in Sales, Marketing and Customer Support
Hod HaSharon, Israel – April 11, 2011 – Altair Semiconductor (www.altair-semi.com), the world's leading developer of ultra-low power, small footprint and high performance LTE chipsets, announced today that it has completed a $26 million round of funding, led by Jerusalem Venture Partners (JVP). All of Altair's existing investors, including BRM, Bessemer Venture Partners, Giza Venture Capital and Pacific Technology participated in the round.
Altair will use the capital to expand its worldwide sales and customer support activities as well as advance the development of its market-leading LTE solutions.
"As we rapidly expand our footprint in LTE markets around the world, this capital will allow us to continue to provide our customers with the support they need to deploy and commercialize our technology," said Oded Melamed, Co-Founder and CEO of Altair. "As the global LTE market is expected to grow exponentially over the next few years, the funding will help Altair expand our current market leadership position, as well as step up the production of our chipsets in response to the increasing demand from our customers."
Over the last year, Altair launched the first commercial LTE product in Poland, the world's first Band 12 LTE solution and the first Digital Dividend LTE router in Germany. Having completed rigorous interoperability testing with numerous tier-one infrastructure vendors around the world, and with an LTE platform that is one of the world's only solutions that offers both TDD and FDD capabilities, Altair is poised to extend its market leadership position in several key markets around the world, including India, China, Japan, Europe and the United States.
"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."
About Altair Semiconductor
Altair Semiconductor is the world's leading developer of ultra-low power, small footprint and high performance 4G semiconductors. The company's products provide device manufacturers integrating 4G LTE technology into their products with a highly power-optimized, robust and cost-effective solution. Altair’s comprehensive product portfolio includes baseband processors, multi-band RF transceivers for both FDD and TDD bands, and a range of reference hardware and product level protocol stack software. Based on a novel, proprietary Software Defined Radio (SDR) processor, codenamed “O2P™”, Altair’s products are the smallest and most highly power optimized in the industry, offering an unmatched combination of flexibility and performance. For more information, visit the company's website at www.altair-semi.com. Follow Altair on Twitter: @AltairSemi