SWEDEN - Creandum and Viking join EUR 12.5m round for Nanoradio
Scandiavian venture firms Creandum and Viking Venture has joined existing investors Ferd Venture, Industrifonden, Innovacom, Nordic Venture Partners, and Teknoinvest in a EUR 12.5m financing round for semiconductor developer Nanoradio AB.
Nanoradio designs semiconductors with wireless capability for the cellular and handheld market. The company's Always On wifi solution doubles standby and talking time compared with standard wifi enabled phone offerings. The chips target applications including mobile phones, wireless network cameras for home surveillance, portable media players and gaming devices. The wifi market for handheld devices is expected to reach 20% coverage of the world mobile phones in 2010.
Headquartered in Kista, the company has outsourced all manufacturing, but has sales offices in Korea, Japan and the US.
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