Wireless communications company Qualcomm is planning to acquire Israel-based high-speed Wi-Fi chipmaker Wilocity for $300m, according to Israeli business newspaper Globes.
Qualcomm Atheros, a subsidiary of Qualcomm, previously invested in a $20m round raised by Wilocity in 2010 alongside Sequoia Capital, Tallwood Venture Capital and Benchmark Capital.
Wilocity secured a further $35m in October 2013 in a round led by Vintage Investment Partners and Jerusalem Global Ventures, and also featuring Qualcomm, Sequoia, Benchmark, Tallwood and semiconductor producer Marvell Technology Group. The company has raised $105m in funding in total.
The company announced the launch of its first smartphone chip in February this year, enabling Wi-Fi to become over 10 times faster than it is right now.
Founded in 2007 by Intel alumni Tal Tamir and Danny Retting, Wilocity’s chip allows users to quickly download data heavy content, and its technology is currently featured in Dell computers.