Indian co-founded Avnera raises $10 Million
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Bangalore: Beaverton, Oregon -based Avnera, which makes chips for wireless audio and other consumer electronics applications, has raised $10 million in Series D round of venture financing. This round of financing is led by a new investor Onkyo along with the participation of existing investors - Altien Ventures, Bessemer Venture Partners, Best Buy Capital, DAG Ventures, Intel Capital, JAFCO Ventures, Panasonic Venture Group, Polycom Corporation and Redpoint Ventures. Founded in early 2004 by Manpreet Khaira, Raj Garg and Chris O'Connor, Avnera has raised $52 million to date in four rounds of financing. "We have tremendous support from our existing investors and are pleased to welcome Onkyo as a new investor. We expect to use the proceeds of series D to accelerate the company's growth as a pre-eminent analog semiconductor company," said Khaira, Co-Founder and CEO, Avnera. According to Avnera, it has more than 10 Analog System-on-Chips (ASoCs) in mass production including the AudioMagic and VoiceMagic families. The company's ASoC products are designed to accelerate time to market by enabling very high levels of system integration on chip thereby reducing product development time. Avnera's ASoC solutions allow consumer electronics manufacturers to quickly and easily create wireless "wired-quality" multi-source, multi-listener high fidelity consumer electronic audio products.These ASoCs are powered by the company's IP portfolio of analog and audio technologies. As claimed by the company, the ASoCs enable dozens of products today from more than 15 customers with several more expected in 2010. "Avnera continues to execute well to its plan of enabling its customers to deliver differentiated audio products using the company's ASoC technology," said Khaira. Onkyo and Avnera are jointly working on several products currently and expect to bring these products to market in the second half of 2010. "We look forward to collaborating closely with Avnera to assist us in delivering leading audio and video products," said Munenori Ohtsuki, COO, Onkyo.

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