Friday, March 12, 2010

SiBEAM, Inc. Secures $36.5 Million in Series D Funding

Sunnyvale, California – March 09, 2010 – SiBEAM, Inc., the leading innovator of millimeter wave (mmWave) solutions and developer of high-speed wireless communications platforms, today announced the closing of $36.5 million in Series D funding led by Foundation Capital. All of SiBEAM’s original investors contributed to this round including U.S. Ventures Partners (USVP) and New Enterprise Associates (NEA), joined by new partners in SiBEAM’s success, Lux Capital and Hatteras Funds. Best Buy Inc, and Cisco have also contributed strategic equity investments to support SiBEAM’s growth and propel its second generation 60 GHz wireless high definition chipsets into the mainstream consumer electronics marketplace, as well as fund future projects for personal computing and mobile devices.

"SiBEAM continues to deliver on its promise to bring high-quality, lossless wireless high definition capabilities to the A/V home entertainment market. Their team has executed well on its plans and has brought in nearly all leading CE manufacturers as customers through its work with the growing WirelessHD® Consortium,” said Adam Grosser, General Partner at Foundation Capital. “This market adoption further supports our confidence in SiBEAM’s technology and the team’s capabilities to drive and solidify the company’s leadership in the exciting and high-growth wireless connectivity market.”

SiBEAM’s 60 GHz semiconductor solutions with OmniLink60™ Technology have won multiple awards, most recently being honored with a 2010 Design Vision award in the semiconductor components category. The second generation of SiBEAM’s WirelessHD chipsets, brought into mass production earlier this year, represents the company’s movement into mass market applications with low cost, low power functionality. SiBEAM’s latest chipsets also support advanced features demanded by today’s consumer electronics market including 3D, HDCP and DTCP content protection that can be designed into A/V receivers, home theater-in-a-box systems, Blu-ray players, set-top boxes, media center PCs, and consumer laptops. "We're proud to be SiBEAM investors," said Peter Hebert, Co-Founder and Managing Partner at Lux Capital.

"With exceptional leadership and committed corporate partners, SiBEAM has become the indispensable technology innovator in wireless home networking."

As a founding member of the WirelessHD Consortium that includes 50 worldwide leaders in consumer electronics and personal computing industries, SiBEAM’s OmniLink60™ Technology is the first WirelessHD-based solution capable of streaming uncompressed high definition video, audio and data.

“This round of financing is a significant milestone for SiBEAM as it demonstrates the continued growth of our business and potential for significant investment return even in a challenging economy. With these funds, we can grow our business toward profitability in the burgeoning wireless A/V market,” said John LeMoncheck, President and CEO of SiBEAM, Inc. “SiBEAM continues to receive extensive interest from CE and PC manufacturers worldwide that are eager to integrate simple, cost effective and high quality wireless streaming capability into their products.”

Based on the WirelessHD standard, SIBEAM’s semiconductor systems provide the first and only
available option to deliver lossless, uncompressed wireless high definition audio, video and data. SiBEAM's advanced wireless technology solutions are designed for consumer electronics manufacturers, PC manufacturers, network infrastructure providers and others to incorporate into their next generation product lines for wireless communications. SiBEAM is currently expanding global sales and manufacturing operations to support the company’s elevated growth rate and customer demand for wireless A/V connectivity solutions

About SiBEAM, Inc.

Founded in 2004, SiBEAM is a fabless semiconductor company developing intelligent millimeter wave technologies and leveraging the latest manufacturing methods to meet the demand for high- bandwidth services. SiBEAM is the first to build 60 GHz chipsets using CMOS technology. The first of many applications for SiBEAM’s innovative technology is based on WirelessHD®. As a founding member of the WirelessHD® Consortium, SiBEAM is a leader in driving the architecture and semiconductor implementation for the distribution and presentation of high-definition content in the consumer electronics and personal computing markets.

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