Altair Semiconductor raises $26 mln in funding

TEL AVIV, April 10 (Reuters) – Israeli mobile chip
designer Altair Semiconductor said on Sunday it raised $26
million in a financing round led by venture capital firm JVP.

All of the company’s current investors participated in the
financing, including funds BRM Capital, Bessemer Venture
Partners, Giza Venture Capital and Pacific Technology Partners.

Altair, which develops low-power chips for fourth-generation
cellular phone technology known as LTE, said it expects the LTE
market to grow sharply in the next few years.

The financing is aimed at supporting Altair’s accelerated
global expansion in sales, supporting clients and developing the
next generation of LTE products.
(Reporting by Tova Cohen, editing by Miral Fahmy)

Altair Semiconductor raises $26 mln in funding