Wireless communications startup
today announced the completion of a second placement. Witcom did not disclose the company valuation at which it secured $20 million, but it is thought to be around $65 million.
Witcom develops point-to-point wireless communication systems for data, video and audio. Its products support a range of broadcasting rates, from low rates of 1.5 megabytes per second to bandwidths of 155 mbps. In the future they may support speeds of hundreds of megabytes per second. The systems are based on millimeter wavelengths up to 38 gigahertz.
The company began selling in the second half of 2000. It markets through local distributors in the United States, Europe and South America.
The funding round was led by Israeli venture capital fund Challenge, which placed $3 million. Other investors included Japanese investment bank
, Dutch investment bank
, and American investment company East West Ventures, represented in Israel by former commander of the Israeli air force, Eitan Ben Eliyahu, and the Tel Aviv Stock Exchange-traded Clal Electronics.
Previous Witcom investors include
(Nasdaq:ELRNF), ComSor (a joint fund for
(Nasdaq:CMVT) and the Soros funds),
Ascend Ventures Group
and Dr. Andrew Viterbi, one of the founders of
(Nasdaq:QCOM). Some of these also took part in the current financing.
Witcom was founded in 1997 by RDC, which sets up and accompanies hi-tech companies. RDC is owned by Discount Investments, Elron and Rafael, the Israeli Armament Development Authority. Witcom's headquarters are in Yokne'am, and it employs 63 workers.