Raj Singh led Wavesat closes $9.5 Million
Date: Wednesday , March 18, 2009
The Raj Singh led Canadian chip firm Wavesat is charged to fortify its leadership position in the 4G broadband markets by raising $9.5 million in series D round. The Montreal based company raised the money from its existing investors - DR Capital, BDC Capital, and Multiple Capital, with DR Capital leading the round.
Founded in 1993, the company makes multi-protocol chip sets that can process signals from a variety of 4G cellular networks that are compatible with wireless radio protocols such as WiMax, Wave2, XG-PHS and LTE.
Introduced in May 2008, Wavesat’s Odyssey 4G multi-protocol architecture is gaining momentum. In recent months, Wavesat announced that Compal, a leading ODM for handheld devices, selected Odyssey for mobile WiMAX USB dongles. Also, Willcom, a large wireless network operator in Japan, has chosen Wavesat to help develop XG-PHS services and equipment in that country. XG-PHS technology is an advanced OFDMA standard that promises to deliver advanced wireless broadband services and data speeds. An ongoing debate in the world centers of wireless broadband is on whether WiMax or LTE will be the chief robust standard going forward. Wavesat and others have entered the debate by planning products that, for instance, will enable WiMax technologies to move seamlessly to LTE.
The company with 85 employees is witnessing a positive response followed by showcasing its Odyssey multi-protocol architecture products at the Mobile World Congress in Barcelona, Spain. Wavesat CEO Raj Singh confidently says, “We have already grabbed 16 percent of the market share.”