SiBEAM Receives Equity Investment from Best BuyTuesday, January 5th, 2010
SUNNYVALE, Calif. — SiBEAM, Inc., the leading innovator of 60 GHz wireless communication platforms, today announced that it has received an equity investment from Best Buy Co., Inc. (NYSE:BBY), one of the world’s largest retailers of consumer electronics. Terms of the investment made by Best Buy Capital, the corporate venture capital group within Best Buy Co., Inc., were not immediately disclosed. SiBEAM is the first to ship standards-based 60 GHz semiconductor technology for wireless transmission of high-definition (HD) video, audio and data.
In addition to its retail stores worldwide, Best Buy also manufactures an Exclusive Brands line of technology products, including the Insignia, Rocketfish, Dynex, Init and Geek Squad brands. Best Buy recently joined the WirelessHD® Consortium, founded by several global technology leaders, and launched its Rocketfish WirelessHD Adapters (RF-WHD100) that help consumers wirelessly connect their existing entertainment components for a more flexible home theater experience.
“Best Buy regularly searches for the latest and greatest technology,” said Nigel Waites, chief technology officer for Exclusive Brands, Best Buy Co., Inc. “We have a responsibility to look ahead, and explore and test new and emerging technologies, products and services that can help consumers live in a digitally-connected world.”
SiBEAM’s WirelessHD technology enables wireless transmission of high quality lossless high-definition video, audio and data streams in the 60 GHz unlicensed band capable of up to 28 Gbps data rates. WirelessHD standard products have been available to consumers for the past year and enable applications such as wireless display among a variety of devices, instantaneous file transfers and easy notebook PC to HDTV connectivity.
“Best Buy and SiBEAM share a common vision of facilitating connectivity between consumer electronics, personal computing and portable devices,” said John LeMoncheck, President and CEO of SiBEAM, Inc. “This funding will aid the launch of several of our strategic initiatives for 2010 and further cements WirelessHD technology as the industry standard for the next generation of wireless connectivity for sharing content among a variety of the growing number of digital devices present in today’s homes.”