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LTE chip startup raises $26 million

April 12, 2011 // Peter Clarke

LTE chip startup raises $26 million

Mobile communications fabless chip company Altair Semiconductor Ltd. has raised $26 million in a venture capital round led by Jerusalem Venture Partners (JVP). Altair (Hod Hasharon, Israel) said it will use the money to develop next-generation LTE chips.

The VC round, which included established investors BRM Capital, Bessemer Venture Partners, Giza Venture Capital and Pacific Technology Partners, brings the amount invested in Altair since its formation in 2005, to $74 million.

The company has its chips involved in LTE network deployments in Europe and in field trials in the U.S., Japan, China and India.

"As the global LTE market is expected to grow exponentially over the next few years, the funding will help Altair expand our current market leadership position, as well as step up the production of our chipsets in response to the increasing demand from our customers," said Oded Melamed, co-founder and CEO of Altair, in a statement.

"With its current global deployment and its chipsets now powering numerous mobile devices from tier-one manufacturers, Altair has established itself as the world's leading developer of LTE solutions," said Kobi Rozengarten, managing partner with JVP, in the same statement.

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