Wireless chipset company Wisair Ltd. is firing 30 employees. The company, which was founded in 2001 by president and CEO David Yaish and is a member of the RAD group of companies, has raised a total of $70 million in several financing rounds, the last of which was in February.
Wisair marketing communications manager Shimon Mantell confirmed the report and added, "The market is happening slower than we had hoped and this means we have to cut costs."
Wisair is developing a technology called Ultra Wide Band (UWB) and its leading application is a Wireless USB chip, which eliminates the need for USB devices to be physically connected to a computer. The technology enables, at least in theory, high speed data transfer, (hundreds of megabytes per second), and is suited principally for wireless multimedia content transmission from consumer electronic devices to computers.
Among the investors in Wisair are Broadcom Corp. (Nasdaq: BRCM), Intel Capital, Apax Partners, Vertex Venture Capital, Tamar Technology Investors (Israel) LP, Susquehanna Growth Equity LLP, Advent Ventures, and the Japanese fund Yasuda Ventures.
Published by Globes [online], Israel business news - www.globes-online.com - on November 17, 2008
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