NETANYA, ISRAEL: Siano Mobile Silicon, the leading supplier of mobile digital TV receiver chips, has completed a $20 million expansion capital financing round.
The round was led by leading Israeli venture capital fund, Jerusalem Venture Partners (JVP). The proceeds of the current round will be used for expanding the Company's innovative product line as it extends its geographic presence in the emerging North American mobile ATSC (Advanced Television Systems Committee) market.
With approximately 50 percent market share in China and Latin America for chipsets that allow the reception of digital TV on mobile, portable and hand-held devices, Siano is the de-facto leader of the digital mobile TV market in these regions.
JVP, an investor in Siano since its inception, is a leading Israeli venture capital fund, managing over $850 million in assets. JVP was recently voted best venture capital firm in Israel and one of the top three in Europe by Private Equity Magazine.
“The whole concept of TV viewing is evolving,” said Alon Ironi, CEO of Siano. "Today, TV consumers seek constant access to their favorite TV content – irrespective of the medium, their location or device. As more and more consumers use smartphones and tablets to watch their favorite content, our technology is going to become increasingly important."
"North American broadcasters are now preparing to deploy mobile ATSC, and, with market experts estimating an installed base of roughly 70 million tablets in the US within two years, the US market serves as a natural extension to our strong position in other markets. Over the last few weeks, we have been finalizing our new line of innovative solutions to meet the unique needs of the US market, and the new funds will be used to implement these plans,” added Ironi.
Gadi Tirosh, a General Partner at JVP, will be joining Siano's Board of Directors as part of the round. "JVP has been an investor in Siano from its inception through its present rapid growth phase," said Tirosh.
"The current round is directly in line with our strategy of actively supporting our most promising companies, as we build them into prominent international entities. Over the last four years, Siano has evolved into a major force in the digital mobile TV space, taking the lead in both China and Latin America, and we view the company's expansion into the North American market as a major step in its ongoing growth and diversification strategy."