AMIMON Raises $7 Million from Cedar Fund, Walden Israel and Evergreen in Series A Funding
Innovative Fabless Semiconductor Developer to Target Wireless Connection to High-Definition Audio/Visual Displays
Mountain View, CA and Herzlia, Israel -January 16, 2005 - AMIMON, an innovative fabless semiconductor company providing wireless video connectivity solutions for high definition displays, announced today that it has successfully raised $7M in venture capital funding from Cedar Fund, Walden Israel and Evergreen. The capital raised will be used to expand AMIMON's research and development activities and accelerate its marketing activities.
AMIMON's groundbreaking solution will allow TVs and multimedia projectors to wirelessly interface to all high definition video sources, providing a high-quality wireless link between A/V sources and the high-definition display. The key to AMIMON's solution is its ability to deliver wirelessly uncompressed HD video streams at a quality equivalent to that achieved with wired interfaces such as component video.
AMIMON is addressing a need by a fast growing market for High Definition (HD) large screen plasma/LCD television displays. These elegant space-saving displays project high-definition video images using new and emerging transmission standards. Until now, the only way to deliver this high-definition signal to these displays is complicated and cumbersome: to run audio and video cables across the room or inside walls to the Audio/Visual sources.
AMIMON is headed by CEO and Chairman, Dr. Yoav Nissan-Cohen, an industry veteran whose twenty-year career in the semiconductor field ranges from technology R&D to the highest levels of executive management. The founding team includes VP Marketing and Business Development, Noam Geri; VP R&D; Dr. Zvi Reznic, and Prof. Meir Feder. Together, the team has extensive experience developing and growing businesses in the semiconductor, video and wireless technologies space.
Gal Israely, a partner with Cedar Fund, said "AMIMON's innovative approach to providing wireless HDTV is unique and ground-breaking. We are confident that with the strong team in place they will execute, bringing this technology to market and become a leading provider of wireless connection to high-definition displays."
AMIMON's Chairman & CEO, Dr. Yoav Nissan-Cohen, said, "AMIMON has a very exciting opportunity, targeting a market that is expected to grow to 40 million LCD TVs in 2008 according to industry projections. Customers purchasing these TVs are eager to take full advantage of the high definition quality that their TVs are capable of, without being tied-down by cables running throughout the house. Currently, there is no practical solution for a universal wireless HDTV connection. AMIMON's technology will enable such a solution."
About AMIMON
AMIMON is a privately-held fabless semiconductor company and a supplier of advanced wireless video transmission solutions. AMIMON is developing a revolutionary wireless modem optimized for high-definition video, targeting high-definition TVs and displays. AMIMON operates internationally out of offices in Mountain View, CA and Herzlia, Israel. For additional information about AMIMON, please visit www.AMIMON.com
About Cedar Fund
Cedar Fund is a venture capital firm, investing in high technology companies. Cedar Fund seeks to invest in outstanding entrepreneurs pursuing high growth markets with distinguished technologies in the telecommunications, networking, Internet-infrastructure and enterprise software areas. Cedar Fund invests in all stages, and specializes in early stage, Israel-related situations. With its quality investment track record and over $225 million under management, Cedar Fund is among the largest and most notable venture capital firms focusing on Israel-related, early stage investments. For more information, please visit www.cedarfund.com.
About Evergreen
Evergreen Venture Partners is one of Israel’s pioneering and premier venture capital firms focusing on early-stage technology investments. Evergreen’s current $650 million of private equity funds under management represents one of the largest portfolios in Israel with investments in almost 100 technology start-ups. Founded in 1987, Evergreen’s long track record of success is based on the experience, skills and commitment of its core team which has worked together for the past three funds. Evergreen has executed 30 successful portfolio company exits through IPOs or trade sales. Some of these companies include P-Cube, Actona, Creo, Galileo, Backweb, Exalink, Radvision and Radware. Evergreen’s seventeen years of successful private equity investments has attracted a global network of blue-chip investors, including Bank of America, HarbourVest, Teachers of Illinois Retirement System, NIF Ventures (Daiwa), ABN-Amro, CALTECH, and Ontario Municipal Retirement Fund. For more information, please visit www.evergreen.co.il
About Walden Israel
Walden Israel is one of the first Israeli early-stage venture capital funds. Founded in 1993, Walden Israel manages $185 million and focuses on investments in areas of communications and information technology. Walden Israel is affiliated with the Walden International and Walden VC Groups, which manage collectively over $2.5 billion and have established presence in the US and over ten countries in Asia and the Pacific Rim. For more information, please visit our web site at www.walden.co.il
Company Contact:
Noam Geri
VP Marketing & Business Development
noam.geri@AMIMON.com
Tel:+1 650 641 7178