Wavesat Closes Significant $11.7M Round of Funding

SUNNYVALE, Calif.--(BUSINESS WIRE)--Wavesat Inc., a leading supplier of Broadband Wireless semiconductor solutions, announced today the Company has secured its latest round of funding, raising $11.7 million CAD. Existing investors led by BDR Capital, BDC Capital and Multiple Capital participated in the round. Proceeds will be used to further strengthen the Company’s leadership position in the 4G Broadband market.

“We are impressed by the great strides the company has made since the introduction of the Odyssey chipset and how they are executing and adapting their 4G strategy in this challenging environment”

Introduced in May 2008, Wavesat’s unique Odyssey™ 4G multi-protocol architecture has been gaining wide-spread acceptance. Wavesat delivers silicon that enables customers to deploy multiple Broadband Wireless technologies such as WiMAX® Wave2 and XG-PHS today and to migrate seamlessly to future 4G technologies such as LTE. In recent months, Wavesat announced that Compal, a leading ODM for handheld devices, selected the Odyssey for mobile WiMAX USB dongles. Also, Willcom, a large wireless network operator in Japan, has chosen Wavesat to help develop XG-PHS services and equipment in that country.

“We are impressed by the great strides the company has made since the introduction of the Odyssey chipset and how they are executing and adapting their 4G strategy in this challenging environment,” said Jean Bédard, Managing Partner, BDR Capital. “The Odyssey architecture and product roadmap is right for the times, providing real world benefits to many customers in multiple markets and multiple geographies.”

Later this month, Wavesat will be presenting its Odyssey portfolio of 4G Broadband products at Mobile World Congress in Barcelona, Spain.

About Wavesat

Wavesat is a global leader in mobile broadband, providing advanced semiconductor solutions to the world’s leading carrier and mobile device manufacturers to deploy future-proof broadband services and products. With award winning technology, Wavesat delivers silicon that enables customers to deploy multiple Broadband Wireless technologies such as WiMAX Wave2 and XG-PHS today and to migrate seamlessly to future 4G technologies such as LTE. Wavesat was awarded the 2008 Frost and Sullivan Mobile Broadband Wireless Access Excellence in Technology Award and was recognized as one of Canada’s Top Ten Technology companies for 2009. Wavesat is a principal member of the WiMAX Forum®. For more information, please visit www.wavesat.com.

Wavesat, Odyssey and Odyssey Broadband Everywhere are trademarks of Wavesat Inc. */ ® registered by Wavesat Inc. in the U.S. WiMAX, WiMAX Forum and WiMAX Forum Certified are trademarks of the WiMAX Forum. All other trademarks are the properties of their respective owners.