Telefonica’s corporate venturing unit yesterday signed its first deal following a restructuring of the Spain-based telecoms company to house the venture group in the company’s newly formed digital division. Terms were undisclosed, although it is understood the investment was in the single-digit millions.
Telefonica Ventures has joined Swisscom Ventures, the corporate venturing unit of the Swiss-based telecoms group, backing Quantenna Communications, a US-based wi-fi networking company for home entertainment. Other backers of the company are venture firms Sequoia Capital, Venrock, Sigma Partners, Southern Cross Venture Partners, DAG Ventures and Grazia Equity.
The company had previously raised at least $78m. In September last year Quantenna raised a $21m Series E round led by DAG and the company’s series D round raised $15m. The company’s series C round raised $13.85m in 2009, which at that time took the total raised by the company to more than $42m.
Telefonica Ventures was moved into Telefonica Digital, when the Spain-based telecommunications company created the business unit in September, along with the company’s research development operations, which makes up the biggest part of the unit’s 2500 employees.