Flash storage technology provider Sandisk is set to exit Israel-based Altair Semiconductor after electronics manufacturer Sony agreed today to buy the chipset producer for $212m.
Altair manufactures software and modem chip technology for mobile devices based on the LTE (Long Term Evolution) cellular standard. Sony said the company’s technology was attractive because of its high performance married to low power consumption and competitive cost.
Sony plans to combine Altair’s products with its sensor technology to develop cellular-connected, sensing component devices that can be utilised in wearable and internet of things devices.
Sandisk Ventures, the corporate venturing arm of Sandisk, provided an undisclosed amount for Altair in November 2014 as part of a strategic collaboration agreement, adding to the $125m Altair had already raised since it was founded in 2005.
Altair’s other investors include venture capital fund Jerusalem Venture Partners, which invested $25m in the company in June 2014, as well as Bessemer Venture Partners, BRM Capital, Giza Venture Capital and Pacific Technology Partners.
– Photo courtesy of Altair Semiconductor