Tuesday, May 24, 2011

SkyCross raises $11 million in series E funding to ramp 4G/LTE antenna solutions

VIERA, USA: SkyCross, a global developer and manufacturer of advanced antenna and RF solutions that are powering the emergence of 4G networks including LTE, has closed on $11 million in financing, the first tranche of Series E, expected to be the company’s final round of equity financing. SkyCross intends to close the second tranche of the round, up to $15 million, by the end of June. The capital raised will be used to support the company’s rapidly increasing business in Asia and the United States.

Significantly, the round includes new equity from DOCOMO Capital as a strategic investor. DOCOMO Capital is a corporate venture arm of NTT DOCOMO, the world’s leading mobile operator. Existing investors including TL Ventures, Investor Growth Capital, Gabriel Venture Partners, Intel Capital, and a group of long standing individual investors also participated in the round.

SkyCross continues to grow due to strong global demand for the company’s unique RF technology and design expertise for wireless products, such as tablets, smartphones, and multiband USB modems. Increasingly, these devices require multiple antennas, creative 3D design and manufacturing techniques, and 4G MIMO functionality for LTE. SkyCross specializes in each of these capabilities to address worldwide customer needs from its regional design centers in China, Taiwan, Korea, and the United States. Proceeds from the current funding round will help accelerate rollout of 4G/LTE technology in consumer electronics devices.

“SkyCross technology and expertise are key factors in meeting the growing, worldwide demand for 4G/LTE wireless devices,” said Tomoya Hemmi, president and CEO of DOCOMO Capital, Inc. “MIMO antenna technology is a key enabler of LTE performance, and SkyCross solutions address this global market need. We are pleased to participate in this round as a new strategic investor.”

“SkyCross already has an existing relationship with NTT DOCOMO, a leading Tier 1 network operator focused on the success of 4G/LTE,” said Ben Naskar, SkyCross CEO and Chairman. “We are pleased to strengthen this relationship by welcoming DOCOMO Capital as a strategic investor. Our outlook for continued growth in 2011 is solid, and the current financing round will facilitate the successful achievement of key operational milestones.”

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