Toronto-based startup
Peraso Technologies Inc recently announced the closing of a round of follow-on financing in which it secured $8 million. Peraso has developed the world's first 60 GHz multimedia transceiver to -- initially at least -- serve the consumer wireless mobile market. The financing, according to Peraso CEO Ron Glibbery, will be used to bring the innovative technology to market.
"Bringing the world's lowest cost, lowest power 60 GHz transceiver to market within a year of receiving initial venture funding is a significant accomplishment" says Brian Antonen of
Celtic House Venture Partners, who invested during the initial funding round in fall 2009, which generated $10 million, and led the equity financing group this time. In addition to Celtic House, this round of financing included
iNovia Capital,
VentureLink Funds and the
Ontario Emerging Technologies Fund.
"The 60 GHz wireless market opportunity is growing rapidly," says Glibbery, adding that this financing and the participation of the province's Emerging Technologies Fund will allow Peraso to "compete with tier 1 competitors on a global scale."
As it gears up, the company is
hiring four staff.
Writer: Edward Keenan
Sources: Ron Gibbery, Peraso Technologies Inc., Jim Whitaker, VL Advisors Inc.