Due Diligence Update
Artimi raises $26.5 million in series B (R2) funding
Artimi Inc., a company which was one of the earliest Due Diligence companies that The Chilli profiled, has closed $26.5 million (R2) in equity financing. Three current investors, Accel Partners, Amadeus Capital Partners, and Index Ventures, led the series B investment. Additional funding came from existing investor, Oak Investment Partners, and a new investor, Bank of Scotland Growth Equity.
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So far the company has raised $45 million
“Artimi’s low-power MAC has demonstrated one of the highest data throughput in the market, which has been verified by a leading consumer electronics vendor,” said Giuseppe Zocco, general partner with Index Ventures, and Artimi chairman.
“The company is ideally positioned for significant market traction with tier-one consumer electronics manufacturers just as wireless USB chips are starting to ship in volume. We remain committed to Artimi’s long-term success and are pleased to be a return investor.”
Artimi is experiencing strong demand for its interoperable, low-power, globally-compliant semiconductors for certified wireless USB and next-generation Bluetooth applications such as digital cameras, camcorders, storage devices, MP3 players and mobile phones. This new funding allows Artimi to invest heavily in the ongoing enhancement of its product portfolio, expand sales and marketing efforts, and continue delivering new technology for high data rate wireless personal area networks.
“We will use the funding to expand production to support the substantial growth in customer demand for dual-mode certified wireless USB and next-generation Bluetooth markets,” said Colin Macnab, CEO of Artimi. “This financing, one of the largest in the ultra-wideband segment, provides Artimi with the financial resources necessary to solidify and sustain a leadership position as the market transitions to mass production.”
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