Artimi has just secured raised $26.5 million in funding– a significant amount of cash for a company active in the ultrawideband/wireless USB area.
It is early days for this technology and so there is a race on to be first to market.
UltrawideBand can transmit up to a whopping 500 megabits of data a second â€” roughly 10 times today’s Wi-Fi speeds. One player, Tzero recently raised $16.5 million and then recently $22 million more. However, WiFi companies like Palo Alto’s Airgo Networks say their technology can do just as well as the effective 100 megabits of data per second by existing players. Airgo had raised $130 million, before getting snapped up by Qualcomm.
Artimi says it will use the funds to ramp up production of its chips, which are built for consumer electronics devices capable of working with Ultrawideband.
Exisiting investors Accel Partners, Amadeus Capital Partners and Index Ventures led the this second round of investment. Additional funding came from existing investor, Oak Investment Partners, and a new investor, Bank of Scotland Growth Equity. To date, the company has raised $45 million — so it is staying ahead of Tzero on the fund-raising front. Notably, both Oak and Accel also invested in Airgo.