Ashvattha Semiconductor Raises $3.25 Million in Extended Series A.Business Editors & Technology Writers SAN DIEGO--(BUSINESS WIRE)--June 24, 2002 In a round led by Crossbow crossbow: see bow and arrow. crossbow Leading missile weapon of the Middle Ages, consisting of a short bow fixed transversely on a stock, with a groove to guide the missile and a trigger to release it. Ventures, San Diego-based wireless startup secures additional funding Ashvattha Semiconductor, Inc., a provider of highly integrated radio frequency (RF) chips for the wireless market, today announced that it raised $3.25 million in its extended Series A funding. The round, led by Crossbow Ventures (www.cb-ventures.com), includes previous Series A investors Comstellar (www.comstellar.com) and Redwood Ventures (www.redwoodvp.com). This series was officially closed on June 14 and will be used for taking Ashvattha's product into the marketplace. "We believe in the promise of Ashvattha's technology and business model," said Ravi Ugale, partner of Crossbow Ventures. "In this economic climate, we are highly selective about the companies in which we invest. With its patented technology and impressive management and research team, Ashvattha has the potential for long-term success and profitability in the wireless marketplace." Using its patented technology, Ashvattha is successfully combining GSM/GPRS, Bluetooth and GPS location functionality onto one cost-effective chip, enabling the creation of smaller, low-cost, high-performance wireless devices that can support multiple applications simultaneously. Devices that incorporate Ashvattha's chip will require fewer components, thereby simplifying the assembly process for wireless manufacturers as well as lowering the cost of the bill of materials The list of components that make up a system. For example, a bill of materials for a house would include the cement block, lumber, shingles, doors, windows, plumbing, electric, heating and so on. . Raj raj also Raj n. Dominion or rule, especially the British rule over India (1757-1947). [Hindi r Parekh, general partner of Redwood Ventures, said, "We are pleased with the progress Ashvattha has made with the research and development of its integrated system on a chip." Sanjiv Ahuja Sanjiv Ahuja is a member of France Telecom's Group Management Committee, and Chairman of Orange SA. Sanjiv Ahuja joined Orange SA in April 2003 as Chief Operating Officer and since March 2004 was Executive Vice President of France Telecom's Personal Communication Services, and , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Comstellar added, "Providing the financial means to further expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. the company's advancement is a sound business decision for us." "Our executives and engineers have been working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to fine-tune our chip's design to meet the expectations of our prospective customers," added Kartik Sridharan, CEO of Ashvattha. "We are pleased that our initial Series A and extended series investors realize that our RF design will ultimately revolutionize rev·o·lu·tion·ize tr.v. rev·o·lu·tion·ized, rev·o·lu·tion·iz·ing, rev·o·lu·tion·iz·es 1. To bring about a radical change in: Television has revolutionized news coverage. 2. the functionality of wireless devices." About Ashvattha Semiconductor Ashvattha Semiconductor, Inc., "The Wireless Convergence Company,"(TM) is a provider of highly integrated radio frequency (RF) chips for wireless device manufacturers. Using its patented technology, Ashvattha has successfully integrated multiple RF front ends on a single chip, thus cost-effectively enabling the creation of multimode, multifunction devices. Designed to reduce interference and cross-talk, Ashvattha's flexible architecture enables the integration of wireless, data and location. For more information, visit www.ashvattha.com. |
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