SEQUANS COMMUNICATIONS SECURES USD 9 MILLION IN VC FUNDING
Funds accelerate launch of its WiMAX SoC
Paris, France – February 22, 2005 — SEQUANS Communications, a fabless semi-conductor company in the 802.16/WIMAX space, today announced that it has secured and closed €7 Million (approximately $9 Million) in its Series B financing round from major Venture Capital firms. The round was led by UK-based Add Partners, and co-led by Vision Capital, a firm that specializes in Trans-Atlantic investments. Also participating in this oversubscribed round were SGAM, the investment arm of French bank Société Générale, and prior investors T-source and Cap Décisif.
Sequans is currently shipping its FPGA platforms and software, enabling system vendors to start integration of Sequans' technology in their products right away, and will be delivering for mid-2005 system-on-chip (SoC) for both base stations and subscriber stations. It will be based on the IEEE 802.16-2004 standard, incorporating all features required for initial WiMAX certification, as well as selected optional features such as space-time coding, diversity combining, full subchannelization, ARQ and real-time services. These features, along with Sequans' optimized implementation, will enable true indoor coverage, increased capacity, and applications such as video, VoIP, or TDM backhauling; all this starting in 2005. Moving forward, Sequans plans to deliver an 802.16e solution, designed both for the Korean WiBro market and to support future mobile evolutions of WIMAX.
'In today's challenging financial environment, especially in the high tech start-up sector, this investment is strong validation of Sequans' market opportunity,' said Georges Karam, President and Chief Executive Officer, Sequans. 'This round provides Sequans with the funding that is vital to launching our 802.16-2004 /802.16e products and to execute on our go to market strategy.'
'We believe in the disruptive potential of WiMAX to become a leading access technology, especially as it evolves from fixed to portable and mobile applications,' said David Ong, Investment Director, Add Partners. 'Add Partners welcomed the opportunity to work with the Sequans team to help take the Company to its next level of success.'
'We are pleased to have the opportunity to work with a team of such high calibre,' said Dominique Pitteloud, Principal, Vision Capital. 'We are impressed by Sequans' innovative approach and the team's track record of delivering high quality solutions on time.'
About Add Partners
Add Partners (www.addpartners.com), is a leading Venture Capital firm, investing in Europe’s most promising technologies and entrepreneurs. Uniquely for Europe, Add Partners’ expert investment team applies Silicon Valley-style investing, deep knowledge of the European market and global perspective to help early-stage companies achieve their global potential. Add Partners was founded in 1999 and is headquartered in London, UK.
About Vision Capital
Vision Capital (www.visioncap.com) is a Trans-Atlantic fund providing growth capital for leading technology companies. Vision invests in promising European and US technology companies and then takes an active, hands-on approach in expanding these businesses across the Atlantic.
About SGAM
SG Asset Management (www.sgam.com) is a subsidiary of Société Générale, the French banking group which manages €264 billion. Created in January 1997, the subsidiary took over Société Générale’s asset management activities as an independent legal entity. SG Asset Management has developed a strong expertise in private equity and venture capital. With more than €350 million under management, it is one of the leading venture capital players in Europe.
About I-Source Gestion
I-Source Gestion (www.isourcegestion.fr) is a Venture Capital firm dedicated to early stage financing of high growth potential ventures, coming from either public or private research, and in the areas of Information Technologies and Telecommunications. I-Source Gestion manages four funds for a total amount of around €85M and has invested in 44 portfolio companies.
About CapDecisif
CapDecisif (www.capdecisif.com) is a seed stage venture firm dedicated to investing in high potential, high innovation companies. CapDecisif was created end 2001, manages around €18M and is supported among others by the Ile-de-France Region. It has 12 portfolio companies in Information Technologies as well as Life Sciences.
About Sequans
SEQUANS Communications (www.sequans.com) is a fabless semiconductor company created by a team of seasoned experts to become the leading supplier of silicon and software for Broadband Wireless Access. By providing integrated PHY and MAC solutions that seamlessly fit into system vendors' designs, SEQUANS greatly lowers cost of ownership of base stations and subscriber stations. SEQUANS delivers a standards-based solution, compliant with the requirements of the WiMAX Forum™. It also incorporates additional features for increased coverage and mobility, thus lowering deployment costs and enabling fixed, nomadic/portable and mobile applications.
