Siano Mobile Silicon Raises $24M in Round D FundingMonday, January 11th, 2010
Funds to be used as operating capital to meet huge demand for Siano’s family of mobile TV receiver chips
NETANYA, Israel — Siano Mobile Silicon, the leading supplier of mobile digital TV receiver chips, announced today the completion of a $23.5M fourth round of funding.
The round consists exclusively of all of Siano’s existing investors: JVP, DFJ-Tamir-Fishman, Star Ventures, Walden Israel, and Bessemer Venture Partners.
Founded in late 2004, Siano develops and markets semiconductor chips for reception of digital TV on mobile, portable and hand-held devices. Pioneers of the multi-standard approach, Siano’s highly integrated silicon receiver chips enable high-performance, fast time-to-market mobile TV in emerging markets such as China, Brazil and Europe.
“Coming out of the global financial crisis around mid 2009, it was clear that the mobile DTV market has shifted gear,” said Erel Margalit, Chairman of Siano and Managing Partner of JVP; “from China and Brazil to Russia and Korea, the demand for Siano’s products has risen at a phenomenal rate, and the investors are happy to provide the company with the proper financial instruments to maximize its growth. Given its proven technology leadership and management skills, we view Siano as a company well capable of becoming a leading semiconductor supplier in the global wireless and media markets”, added Margalit.
“This financing round marks the completion of the transition that Siano made in the last year, from a start-up company to an established volume supplier to multiple international brands such as Samsung, Motorola, ZTE, Huawei, Mio, Garmin, Dell and many others,” said Alon Ironi, Siano’s CEO. “The new funds will help Siano solidify this position, build sufficient product inventory to secure vast supply, and in parallel continue to develop new products and penetrate new markets.”