Nanoradio raises 12,5 MEUR

Nanoradio today announced that they have signed an agreement with two new investors, Viking Venture and Creandum, who together with the current investors, Ferd Venture, Industrifonden, Innovacom, Nordic Venture Partners, Teknoinvest will fund Nanoradio through its growth phase. The Nanoradio "Always On WiFi" solution - the NRX700/2 Wi-Fi chipset, which offers fully tested 802.11b/g functionality, featuring ultra-low power consumption, has won tremendous customer attraction. With the new investment, Nanoradio will be well equipped to support its volume growth together with a more ambitious launch plan of a new line of competitive products. “This means a lot to us, and the investment in Nanoradio is a significant recognition, especially in this time when it is proven to be so hard to raise capital, of the trust in our team and our capability to deliver according to our plans, says Tord Wingren, President & CEO of Nanoradio AB. "The focus we have in our daily work, is to continue to provide world class WiFi solutions to Tier 1 Mobile Phone makers". The Nanoradio WiFi solution is doubling the standby and talk time compared to standard WiFi enabled phone offerings. This results in that the WiFi enabled phone customers can adopt a behaviour of keeping the WiFi Always On, removing the need for a “turn on and off the WiFi behaviour” in order to save battery time. This will grow in significance, especially when operating in WiFi networks which are built to complement high speed 3G+ mobile networks. “Nanoradio has taken a technology leading position with its competitive advantages in a fast growing market” says Jostein Vik, Partner in Viking Venture. The WiFi market in handheld devices has had substantial growth the last two years and are estimated to reach 20% coverage of the world mobile phones next year. “Viking Venture have seen Nanoradio´s team ability to develop world class technology and to close deals with leading mobile phone suppliers” Jostein Vik continues. “Nanoradio is probably the most exciting semiconductor company in the Nordic region. We were hugely impressed by Nanoradio’s experienced management team as well as the tremendous response from the customers. Nanoradio is the first company to offer a solution that allows for having the WiFi-functionality constantly switched on without draining the battery. The market for this solution is enormous withhundreds of millions of WiFi-devices including mobile phones that may benefit from Nanoradio’s technology”, comments Martin Hauge, General Partner at Creandum.