SK Telecom invests in Wavesat

WiMAX chip specialist Wavesat disclosed that it has completed what it says is a "significant" round of funding led by South Korean network supplier SK Telecom that should take the company to profitability.

The round included participation from existing investors and the money raised will be used to accelerate the introduction of the company's upcoming UMobile chipsets and software for WiMAX/WiBro enabled cellular handsets. The company is currently selling devices for fixed WiMAX applications.

The funding round follows what the chip supplier says has been a successful year in which revenues grew by nearly 300 per cent and during which it has sealed strategic partnerships with several industry leaders, received more than 30 design wins worldwide, and secured WiMAX Forum Certification for its WiMAX products.

"After looking at many semiconductor suppliers, we are pleased to extend our existing development partnership with Wavesat into an equity investment in the company", said Dr. Sean Sehyun Oh, CTO of SK Telecom.

Michel Guay, president and CEO of Wavesat, added in a statement Monday, "The fact that SK Telecom, the leading mobile service provider in Korea, led our financing round is a tremendous validation of our leading position and unique expertise with both fixed and mobile WiMAX standards. We believe this round will enable us to maintain our leadership position in WiMAX, accelerate our product roadmap, and achieve profitability."

- John Walko
EE Times Europe