Valens Semiconductor raises $14m

First time investors include Taiwan electronics firm Pegatron and Japan's Mitsui & Co. Global Investment.

Valens Semiconductor has raised $14 million in its second round of funding. The Series B round of financing includes previous investors Genesis Partners and Magma Venture Partners, as well as new investors Aviv Venture Capital, Taiwan electronics firm Pegatron and Japan's Mitsui & Co. Global Investment Ltd., and US venture capital fund Amiti Ventures.

Valens Semiconductor was founded in 2006 and has raised $25 million to date including the latest round of financing. The company develops and provides semiconductor products for the distribution of uncompressed high-definition (HD) multimedia content.

The company said that the latest funding will be used to accelerate the development of follow-on generations of its HDBaseT chipset, enabling further integration, cost reduction and the facilitation of growth in multimedia transmission and data communication for consumer electronics and content provider industries.

A considrerable number of equipment manufacturers and consumer electronics companies are already shipping and developing HDBaseT-enabled products including displays, projectors and A/V receivers.

Valense CEO and co-founder Dror Jerushalmi said, “The quality of investors engaged in this round of financing speaks to the success of our HDBaseT technology and signals trust in our vision and our ability to further penetrate the CE market. These partnerships significantly enhance our ability to strengthen our foothold in the home-networking marketplace. We are ramping up production to deliver HDBaseT chipsets to global ODMs, OEMs and CE manufacturers along with added presence in the Japanese marketplace.”

Genesis Partners founding manager and partner Dr. Eyal Kishon said, “This impressive support from the Japanese and Taiwanese investment community reinforces our early on belief in Valens as an innovative company in a growing technology sector. We invested in Valens’ first round and are pleased to be a part of the company’s continued success from its entrepreneurial beginnings, through standardization, to mass adoption.”

Published by Globes, Israel business news - www.globes-online.com - on July 6, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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