Wednesday, November 06, 2002
Sirific Wireless Completes US$11.5 Million Financing
November 6, 2002
WATERLOO, ONTARIO — SirificWireless Corporation, a developer of reconfigurable RF integrated circuits for innovative wireless products, today announced the successful completion of a US$11.5 million (Cdn$18 million) equity financing round. The company plans to invest the funds in the continued development of its RFIC products and the expansion of its global sales and marketing efforts.
All existing investors participated in this round as well as two new investors, BDC Venture Capital and Tech Capital Partners Inc. through its Waterloo Tech Capital LP fund. Existing investors include Celtic House Venture Partners, Solowave Investments, Waterloo Ventures Inc. and Working Ventures.
“In today’s challenging financial environment, especially in the high tech start-up sector, this investment is strong validation of Sirifics market opportunity,” said Michael Hogan, President and Chief Executive Officer, Sirific. “This funding provides us with the resources we need to continue the development of our products and to execute on our go to market strategy.”
“The wireless industry is becoming increasingly complex with many standards and frequencies all expected to be mediated by a handheld device that is under cost, space and power consumption pressures,” said Jim Glover, Investment Director, BDC Venture Capital. “Sirificaddresses the handheld manufacturer’s dilemma by providing a single chip transceiver that can be dynamically programmed to the required standard and frequency. Sirifictechnology is a breakthrough in that it is standard and frequency band independent and is designed and manufactured in a cost effective CMOS process. With a demonstrated technology, a best in class team and a validated opportunity, Sirificis well positioned to execute in the market.”
About SirificWireless Corporation
SirificWireless Corporation is a Fabless Semiconductor RFIC Company whose unique reconfigurable RF technology is the platform for innovative multi-standard transceiver products.
Patent-pending Sirifictechnology enables a reconfigurable, multiple standard RF receiver and transmitter, integrated and manufactured in 0.18µm RF CMOS.
The company was founded in 2000 and is based in Waterloo, Ontario, Canada.
About BDC Venture Capital
BDC Venture Capital has been providing venture capital since 1975 and has invested in more than 400 companies. It currently manages over $400 million in venture capital assets with almost 100% of its portfolio invested in the areas of life sciences, telecommunication, information technology and advanced technologies. bdc.ca
About Celtic House Venture Partners
Established in 1994, Celtic House is a leading venture capital firm with offices in Ottawa, Toronto and London, England. Celtic House invests in early stage technology companies with substantial market potential and uniquely qualified people. celtic-house.com
About Solowave Investments Ltd.
Solowave Investments Ltd. is a private based investment firm in Waterloo, Ontario. Solowave invests in companies in Southern Ontario in sectors poised for growth and consolidation. solowave.com
About Tech Capital Partners Inc.
Tech Capital Partners Inc. is a venture capital firm based in Waterloo, Ontario, Canada. Its partners manage $35 million in two funds: Waterloo Tech Capital LP and Waterloo Ventures Inc. Both funds focus on early-stage technology companies in and near Waterloo. techcapital.com
About Working Ventures Canadian Fund Inc.
Working Ventures Canadian Fund Inc. was founded in 1990 as Canada's first national labour sponsored investment fund. At August 31, 2002, the fund had total net assets of over $280 million with investments in 76 companies. workingventures.ca