Intel Capital backed two companies yesterday, investing in US-based wireless connectivity company BridgeWave Communications and acquiring warrants in UK-based chip company Plessey Semiconductors.
The corporate venturing unit of the US-based chip-maker led BridgeWave to a $10.3m round alongside venture firm Morgan Creek Capital Management.
Venture firm Core Capital and secondaries firm Cipio Partners also took part in the round.
BridgeWave was founded in 1999 and has raised an estimated $75m since its founding. See GCV’s analysis of earlier rounds at the bottom of this story.
Bryan Wolf, managing director of Intel Capital, said: "BridgeWave’s wireless Ethernet technology will play an increasingly important role in providing mobile backhaul and Pico-cell solutions as carriers continue deploying 4G and LTE networks. We look forward to working closely with BridgeWave as they continue to develop innovative wireless solutions to address increasing mobile network strain."
Intel Capital also sealed a share warrant agreement with Plessey for an undisclosed number of shares, as a part of wider licensing agreement for Plessey to manufacture, sell and support a select number of products in Intel Corporation’s digital tuner portfolio. The Plessey semiconductor business is more than 50 years old, although the current company was created in January 2010 through the management buyout of Germany-based manufacturing company X-Fab’s UK business for an undisclosed sum.
Marcos Battisti, managing director at Intel Capital Western Europe and Israel, said: "We are very pleased to have concluded these agreements with Plessey and look forward to a fruitful collaboration."
Bridgewave has a complex fundraising past. In 2009 BridgeWave raised $2.4 million of planned $2.5m round, according to a filing with the SEC.
The company received $10m in 2008 in a round co-led by Intel and Core Capital. SDL Ventures and Merifin Capital also took part in this fundraising. In 2005 it raised a $7M round, led by Cipio. It also secured $4.75m in a round in 2002, backed by West STEAG Partners, the corporate venturing unit of WestLB and Steag, which was acquired by Cipio in 2005, venture firms Jerusalem Venture Partners and MKS Ventures.
In October 2000 it raised $26.5m in a round led by Jerusalem Venture Partners, taking the company to $40.5m in total funds raised at that time. The round was backed by investment firm Ampal, Malaysia-based voice telecoms company Breezecom, DRW Venture Partners, funds linked to US-based bank Merrill Lynch, venture firms MKS Ventures, Oak Investment Partners, Seapoint Ventures, and technology equipment company Scientific-Atlanta, which is now part of Cisco.