The Aurora Funds and Axiom Venture Partners Lead Series A Investment in Florida-based Wireless Chip Technology Developer
Satellite Beach, FL (April 1, 2004) - WiDeFi, Inc., a fabless provider of semiconductor chips used to dramatically increase the range of Wi-Fi networks, announced today that it has closed a Series A financing round of approximately $6.8 million dollars. The funding was co-led by The Aurora Funds of Research Triangle Park, North Carolina and Axiom Venture Partners of Hartford, Connecticut. The financing also included Grace Venture Partners and funds managed by Silicon Valley veteran investor Bill Draper of Draper Richards/Draper Associates. Previous investors, including The Inflexion Fund, Camp Ventures, and the Band of Angels completed the round.
“We are particularly pleased to have investments from Aurora and Axiom, combined with their direct involvement on WiDeFi’s Board of Directors,” remarked Jim Proctor, president and CEO of WiDeFi. “Further, winning the confidence of a legendary venture capitalist such as Bill Draper attests to the accomplishments of the WiDeFi team to date.”
WiDeFi’s unique technology platform can be adapted to many different wireless systems, and has the potential to fundamentally change the way people use wireless networks. The company’s first chip set will provide Wi-Fi systems with full coverage throughout the home to enable new applications such as voice and video over Wi-Fi. This innovative technology will allow wireless Internet access at over ten times the speeds typically available today. The technology is also applicable to the emerging Wi-Max (802.16) standard.
“We are very excited by WiDeFi’s prospects. Their platform technology is an enhancement to the rapidly growing wireless LAN installed base and solves the usability and coverage problems experienced with this equipment,” explained Rich Brown, new WiDeFi director and The Aurora Funds general partner “The impact WiDeFi’s technology can have on the wireless market place will make for a valuable company.”
“WiDeFi is the type of deal that I like to fund and be involved with. Today, it has the capability to deliver a strong product to the growing Wi-Fi market and create a valuable company in the near term,” said Marc Fogassa, new WiDeFi director and Axiom Venture Partners principal “Longer term, WiDeFi has the opportunity to provide products in many other wireless markets, providing for sustained growth and value.”
Recent market research reports estimate as many as 50 million homes worldwide will be enabled with Wi-Fi networks by the end of 2007. “The combination of continuing coverage problems and accelerating growth of Wi-Fi equipment creates an exciting opportunity for WiDeFi,” remarked Dr. Kevin Negus, board member and previous CTO of leading Wi-Fi equipment provider, Proxim. “This unique technology offers real benefits to consumers. It’s as easy as plugging in a nightlight.”
About WiDeFi, Inc.
WiDeFi develops wireless technology and solutions,that improve the way existing wireless products work. WiDeFi’s innovations enable enhancements in range, performance, quality of service (QoS), capacity and security for wireless networks. WiDeFi’s leading Xtender™ product doubles the range at twice the performance and half the cost of competing solutions in wireless local area networks. For more information on WiDeFi, Inc., visit the company website at www.widefi.com.
About The Aurora Funds
The Aurora Funds is a venture capital firm that provides capital, connections and strategic help to entrepreneurs with early stage life science and information technology companies, primarily in the Southeastern and Mid-Atlantic United States. Aurora typically invests in seed and first round financing opportunities. The firm has more than $155 million of total capital under management and is currently investing out of its fourth fund of $85 million. More information is available at www.aurorafunds.com.
About Axiom Venture Partners
Axiom Venture Partners is a venture capital firm with approximately $220M under management and currently deploying its third fund. Based in Hartford, Connecticut, and founded in 1994, it has a limited partner base encompassing large insurance companies and banks, as well as some high net worth individuals and families. Axiom invests in both Information Technology and Biotechnology. For more information, visit www.axiomventures.com.
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Media Contacts:
Lynn Van Wyk
WiDeFi, Inc.
lynn@widefi.com
321-777-2085
Shawn Ramsey-Kroboth
SRK Communications (for WiDeFi)
shawn@srkcommunications.com
919-359-0947
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