News
Issue #2002 - 44 (November 2002)
(Updated Nov. 20, 2002)

ACQUISITIONS, MERGERS & AGREEMENTS

SiRiFIC Wireless Completes US$11.5 Million Financing

November 6, 2002

WATERLOO, ONTARIO — SiRiFIC Wireless Corporation, a developer of reconfigurable RF integrated circuits for innovative wireless products, today announced the successful completion of a US$11.5 million (Cdn$18 million) equity financing round. The company plans to invest the funds in the continued development of its RFIC products and the expansion of its global sales and marketing efforts. 

All existing investors participated in this round as well as two new investors, BDC Venture Capital and Tech Capital Partners Inc. through its Waterloo Tech Capital LP fund. Existing investors include Celtic House Venture Partners, Solowave Investments, Waterloo Ventures Inc. and Working Ventures. 

“In today’s challenging financial environment, especially in the high tech start-up sector, this investment is strong validation of SiRiFIC’s market opportunity,” said Michael Hogan, President and Chief Executive Officer, SiRiFIC. “This funding provides us with the resources we need to continue the development of our products and to execute on our go to market strategy.” 

“The wireless industry is becoming increasingly complex with many standards and frequencies all expected to be mediated by a handheld device that is under cost, space and power consumption pressures,” said Jim Glover, Investment Director, BDC Venture Capital. “SiRiFIC addresses the handheld manufacturer’s dilemma by providing a single chip transceiver that can be dynamically programmed to the required standard and frequency. SiRiFIC technology is a breakthrough in that it is standard and frequency band independent and is designed and manufactured in a cost effective CMOS process. With a demonstrated technology, a best in class team and a validated opportunity, SiRiFIC is well positioned to execute in the market.” 

About SiRiFIC Wireless Corporation
SiRiFIC Wireless Corporation is a Fabless Semiconductor RFIC Company whose unique reconfigurable RF technology is the platform for innovative multi-standard transceiver products. 

For more information: http://www.sirific.com

MobileInfo Comments and Advisory: SiRiFIC is engaged in an important area of developing chipsets for multi-mode multi-band communication. There is a lot of opportunity out there. While several other startups have got into this space, it appears that SiRiFIC has a bit of head start and should succeed. 

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