Mobile TV chip developer Siano Mobile Silicon Ltd. is looking to raise $20-30 million after deciding against holding a public offering. The company has raised $95 million to date from Jerusalem Venture Partners (JVP), DFJ Tamir Fishman Ventures Ltd. (TASE: TFVC), Star Ventures,, Walden Israel and Bessamer. The company also received a $10 million loan from Plenus Venture Lending Fund.
Siano, which was founded in 2004 by CEO and president Alon Ironi, develops chips that enable live TV broadcasting to mobile handsets via broadcast frequencies rather than the already overburdened cellular networks. The solution offered by the company has yet to succeed in taking off. Since 2008, Siano has been operating in the rapidly growing Chinese market, which is less bound by regulatory requirements giving the company a higher chance of success for its operations.
Siano has achieved a significant hold in the Chinese market but this is still far from enough. The company planned to penetrate markets in South America and the US in 2011. At the CES conference in January 2012, Siano launched its RallyTV platform, which provides TV broadcasts to railway and bus passengers. The company hopes to storm the US market with this product. Siano had revenue of $40-50 million in 2011.
Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2012
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