PERASO RAISES $42M IN LATEST ROUND OF FINANCING
Posted on February 19, 2019
Capital is targeted at expanding business in Fixed Wireless Access and Wireless Networking
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TORONTO, ON – February 19th, 2019 – Peraso Technologies Inc., a fabless semiconductor company and leader in the development of mmWave technology and Wireless Gigabit (WiGig®) chipsets, announced today that it has raised an additional $42M in financing.
The funding was co-led by two strategic investors and existing investor Roadmap Capital. This level of funding ranks near the top for all semiconductor companies funded in 2018.
"This latest round of funding reaffirms our investors' confidence in the progress that the company is making and the future for both Peraso and the quickly expanding market for mmWave technology-based products," said Bill McLean, President and CEO of Peraso. "Raising this capital allows us to take our sales to the next level, especially as an increasing number of consumer electronic and wireless infrastructure manufacturers choose to incorporate multi-gigabit wireless connectivity into their products."
Peraso is currently in production with WiGig IC solutions meant to address next generation WiFi opportunities in the Fixed Wireless Access, as well as wireless networking and 4K wireless video distribution. In the Fixed Wireless Access market, OEMs have concluded that the 5GHz band has become too congested, and as such, continuing to utilize traditional WiFi technology such as 802.11ax offers diminishing returns. The 60 GHz band offers wireless ISPs uncongested spectrum at highly competitive price points.
"Roadmap is very thrilled to see Peraso bringing new strategic investors to its shareholder base. It is a validation of the superior performance of Peraso’s solution," said Imed Zine, PhD, Principal at Roadmap Capital. "We are very excited to support the growth phase of Peraso in Fixed Wireless, mmWave wireless links for 5G and WiGig-based Consumer Electronics."