Venture firms back wireless technology company

A large group of investors are backing a USB wireless company which is set to profit from consolidation in the sector.

A number of venture firms have participated in the $24 million (€16.1 million) funding round of US wireless technology company Wisair, according to Martin McNair, a general partner at Advent Venture Partners.

Wisair provides high speed Wireless USB connections for various technologies including PCs, digital cameras and laptops. It provides data transfer speeds of up to 480 megabits per second offering connectivity within a 10 meter radius. The technology is the first available in a single chip form providing its customers with cost savings.

McNair said: “This is a new generation of wireless technology which will remove much of the wiring in the workplace. The whole technology goes back six or seven years to the early stage of wi-fi but the actual standards have taken time to develop.

“The interesting aspect of this market is there has been a consolidation to the state where there are a small number of competitors seeking to supply very large customers who need the technology. We think this supply dynamic is different to wi-fi and blue tooth where there were more suppliers than demand.”

Venture investors Advent Venture Partners, Susquehanna Growth Equity, Yasuda Ventures and Bridge Capital Fund joined the round.

Previous commitments to the company total $48 million with previous investors such as Apax Partners, Broadcom and Intel Capital reinvesting.

Advent is also invested in wireless company Ubiquisys, which is also backed by several venture firms and technology giant Google.