The start-up raised $16 million.
Wifi chip developer start-up Celeno Communications Ltd. today closed its $16 million third financing round. Cisco Systems Inc. (Nasdaq: CSCO) led the round, jointed by a new investor, Miven Venture Partners, and previous investors, Greylock Partners and Pitango Venture Capital.
Celeno has raised $32 million since it was founded in 2005. The company's Wifi system-on-a-chip is designed for home multimedia and entertainment distribution over wireless home networks. It enables IPTV streaming, multi-room DVR content distribution and marrying PC networks with multiple TV screens without the need for new wiring.
Celeno CEO Gilad Rozen said that potential customers were telecommunications providers offering triple-play services, and cable and satellite television broadcasters. "The common denominator is the need to distribute a video flow in the home. We're offering them a simple application that links the entry box to the home. Deploying wires costs money and slows the recruitment of new customers," he said.
Published by Globes [online], Israel business news - www.globes-online.com - on July 29, 2008
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