Nitero a developer of next-generation, 60GHz Wi-Fi solutions of mobile devices, has added Trailblazer Capital as an investment partner in its latest round of funding.
Joined by founding investors, Southern Cross Venture Partners and Austin Ventures, this round will provide capital for further development of Nitero’s solution.
"Serving as a Board member for Nitero has provided excellent insight into the capabilities of the company and the market viability of their 60GHz platform. The team has executed upon demanding development plans in a timely and capital efficient manner. We’re excited to lead this next round of financing and provide incremental industry know-how and capital to accelerate Nitero’s plans," says George Barber, Venture Partner, Trailblazer Capital.
A much-anticipated advancement in Wi-Fi technology, 60GHz-enabled devices will eliminate the need for physical connectors, dramatically increasing ease-of-use. By connecting their tablets and mobile phones directly to docking stations, peripherals and displays, home and office users will enjoy the same capabilities and flexibility of high-end notebook computers in the convenience of a handheld device.
"Nitero is a great example of Technology Mining in Australia, when a unique Australian invention like Wi-Fi is united with experienced Australian and US co-investors, a proven management team, and strong government support through NICTA and Commercialisation Australia, to create a truly disruptive innovation," says Dr Larry Marshall, Managing Partner, Southern Cross.
"Nitero has set a new benchmark for capital efficiency in the fabless semiconductor category, through entrepreneurial creativity and leverage from key partnerships," says Clark Jernigan, Venture Partner, Austin Ventures. Both the talent they have assembled and the execution of the team have been truly impressive."
"Many said we couldn’t run a semiconductor company and get to a meaningful milestone on the amount we raised in our first round," says N Patrick Kelly, CEO, Nitero. "Our demo clearly proves this viewpoint was wrong."
