MONTREAL, CANADA--(CCNMatthews - Nov. 6, 2006) - Wavesat, a leading supplier of WiMAX chipsets and software, announced it has completed a significant round of funding led by SK Telecom, a global leader in providing mobile voice and data services. The financing round, which also included participation from existing investors, will be used to accelerate the introduction of Wavesat's upcoming UMobileTM family of full mobility WiMAX/WiBro solutions for the cellular handset market. This will complement Wavesat's existing leadership products for the fixed and nomadic (laptop) WiMAX markets, enabling Wavesat to provide best-in-class solutions for each WiMAX segment.
The funding round is expected to take Wavesat to profitability and follows a very successful year in which Wavesat grew revenue by nearly 300% percent, formed strategic partnerships with several industry leaders, received more than 30 design wins worldwide, and secured WiMAX Forum Certification for its WiMAX product portfolio.
"After looking at many semiconductor suppliers, we are pleased to extend our existing development partnership with Wavesat into an equity investment in the Company", said Dr. Sean Sehyun Oh, CTO of SK Telecom. "We are convinced that Wavesat will be a leader in the WiMAX/WiBro market."
"We were overwhelmed with the positive and enthusiastic interest from the venture community," said Michel Guay, President and CEO of Wavesat. "The fact that SK Telecom, the leading mobile service provider in Korea, led our financing round is a tremendous validation of our leading position and unique expertise with both fixed and mobile WiMAX standards. We believe this round will enable us to maintain our leadership position in WiMAX, accelerate our product roadmap, and achieve profitability."
Wavesat WiMAX Portfolio
Wavesat was the first company to receive WiMAX Forum certification for its CPE design earlier this year. Wavesat's award-winning WiMAX product portfolio supports both base stations and subscriber units at both licensed and license-exempt radio frequencies. Wavesat provides a full-range of standards-based integrated circuits, software, and development platforms supporting WiMAX 802.16-2004 certification and designed for upgradeability for basic mobility. Featuring the industry's only WiMAX Mini-PCI card and chosen by ODMs and OEMs worldwide, Wavesat's WiMAX portfolio provides effective wireless connectivity for a wide range of network sizes and coverage from urban to rural applications.
Wavesat provides solutions for each WiMAX market segment including:
- Fixed (access points, backhaul, DSL extensions) using its 802.16-2004 OFDM solutions
- Nomadic (high-speed connectivity for laptop mobility) with its 802.16-2005 OFDM EvolutiveTM products
- Full mobility (cellular applications) with its upcoming 802.16-2005 sOFDMA UMobileTM WiBro/WiMAX product family
About SK Telecom
SK Telecom is Korea's leading mobile communications company with more than 18 million subscribers. SK Telecom successfully commercialized the world's first CDMA cellular phone service and launched the world's first synchronized commercial IMT-2000 third generation service. The company is listed on the Korean Stock Exchange, the New York Stock Exchange, and the London Stock Exchange. To learn more about SK Telecom, please visit www.sktelecom.com.
Wavesat is a privately held fabless semiconductor company developing WiMAX chipsets, software and reference designs, enabling OEMs and ODMs to be first to market with high performance and cost effective WiMAX compliant solutions. Wavesat provides solutions for each WiMAX market segment: from backhaul to DSL extension with 802.16-2004 Fixed OFDM solutions; to high speed connectivity for laptop mobility with 802.16e OFDM EvolutiveTM products; to full mobility with the upcoming 802.16e sOFDMA UMobileTM product portfolio for WiBro/WiMAX applications. Please visit the company's web site at www.wavesat.com.
Marketing Communications Manager
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