Provigent raises $16 million in funding round
System-on-a-chip vendor Provigent announced a $16 million fourth round of financing that will fund the company until it becomes profitable, according to company CEO Dan Charash.
Charash said the latest round means Provigent has raised a total of $21 million and can claim Globespan Capital Partners as an investor, joining existing investors Ascend Technology Ventures, Delta Ventures, Magnum Communications Fund, Pitango Venture Capital, Sequoia Capital, and Andrew Viterbi, co-founder of Qualcomm.
Provigent’s SoC solutions are used in the point-to-point broadband wireless markets, primarily in system vendors’ microwave backhaul solutions deployed by Tier 1 wireless carriers that would prefer not to depend on T-1s and other wired connectivity provided by wireline competitors, Charash said.
With the additional funding, Provigent will be better positioned to bolster its 60-person staff to provide support for its growing customer base and continue research to improve silicon integration of its product, Charash said.
“Because we have a very broad customer base of 30 customers, including a very significant part of the first-tier market, this round of financing should be all we need to continue on forever,” he said. “The existing design wins are enough to drive the company to profitability.”