Israel's Altair Semiconductor, provider of LTE chipsets, closed $25 million in funding. Existing investors such as Bessemer, BRM, Giza, JVP, and Pacific Technology also participated in the fundraising activity.
Altair Semiconductor planned to use the raised capital for further strengthening of its leadership positions and deploying large volumes of products from its largest customers.
Altair was the first to release an FDD/TDD chipset in the world, the first LTE chipset that exceeded 100 Mbps, and the first Verizon Wireless' 4G certified chipset. In addition, Altair's products not only significantly lowered costs but also increased attach rates of mobile broadband. As a result, these products were integrated to various product models such as tablets, USB dongles, routers, and portable hotspots, which have all been designed by its many global customers.
The company's continued increase in the shipment of chips from month to month is a testament of the widespread LTE-only movement across the industry". In addition, Oded Melamed, Altair's co-founder and CEO, says that the company intends "to use the funds to support our customers" that would be made possible by ramping production to a high volume and sending our products out to their target markets.
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