Sequans, a leading supplier of fixed and mobile WiMAX chips, raises $28m to strengthen its foothold in the market.
Major telecom operator Swisscom and Reliance Technology Ventures Limited, the corporate venture capital arm of Reliance ADA Group of India join BpiFrance as new Sequans minority investors, and European investment bank NATIXIS is the primary participant in the convertible debt financing.
Commenting on the transaction, Georges Karam, CEO of Sequans, said “Sequans will use the new funding to strengthen Sequans’ foothold in the market, expand the company’s international customer support centers and launch the next wave of chips in order to maintain Sequans’ technology leadership. The new investors are of key strategic importance to Sequans: Swisscom and Reliance bring the operator perspective on the deployment of WIMAX in Europe and Asia, complementing the roles of our existing strategic investors, equipment vendors Motorola and Alcatel-Lucent”.
