WiMAX solutions start-up WiNetworks Inc. has raised an additional $8 million in financing from existing investors. The company's investors include Rho Management, Columbia Capital, Cedar Fund and Evergreen Venture Partners.
The company will use the proceeds to expand its Win-Max family of mobile WiMAX pico and compact base station products, and to increase market penetration and deployments around the world.
WiNetworks has raised $28 million since it was founded in 2004. The company solutions are based on mobile WiMAX Wave 2 (MIMO) standard. The firm's products include the WiN7000, an all-outdoor compact base station; and the WiN7200, a scalable, single-piece mini-base station, which will become commercially available later this month. Other products include customer-premises equipment (CPE) for broadcast operators.
WiNetworks CEO Effi Atad said, "This round of financing confirms the commitment of our shareholders to WiNetworks' technological leadership. It will allow WiNetworks to continue the rapid growth and expansion of our customer base."
WiNetworks shipped over 1,000 WiN7000 base stations in 2008, and it is in use in the US, Latin America, Europe and Africa. Based on those figures, revenue probably amounted to a few million dollars. Nonetheless, the company fired 15 of its 100 employees four months ago.
WiNetworks is known as a company that moved quickly to deliver its WiMAX products. However, WiMAX itself is still struggling to make its breakthrough. Xohm, a WiMAX joint venture of Sprint Nextel Inc. (NYSE: S) and Clearwire Corporation (Nasdaq: CLWR) was only recently launched.
Published by Globes [online], Israel business news - www.globes-online.com - on March 11, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009