Semitech Semiconductor Closes Funding Round of up to $9 Million
Semitech Semiconductor, a provider of power line communications solutions that transform the electricity grid into a smart grid, announced it has completed its Series A financing, raising AU$3.4 million with an option for an additional AU$6 million. Melbourne, Australia-based Cleantech Ventures led the round, with participation by all existing Semitech investors including SIMAC Capital and Get2Volume.
"Power line communications is a key enabling technology to smart grid communications, and a core green initiative worldwide," said Jan Dekker, Managing Director of Cleantech Ventures. "By enabling robust communications in noisy power line environments, Semitech’s technology and products solve the problems that have prevented power line communications from growing more rapidly. We are pleased to lead this strategic round of funding that enables Semitech to continue to grow and lead the industry in power line communications solutions."
Semitech Semiconductor has recently announced its SM2200 and SM2101 power line communications transceivers. These devices provide the industry’s most robust, reliable power line communications.
"We see significant demand for our power line communications products, especially given the growth of the smart grid markets," noted Matt Rhodes, Semitech CEO. "With this funding, we are taking Semitech’s industry proven power line communications solutions to the next level in order to meet the growth needs of the smart grid market place."
Due to harsh noise, variations in equipment and differing standards, communications over the power grid are difficult. Semitech uses modulation and signal processing technology that is not only adjustable in speed, but also "frequency agile" to deliver highly robust and reliable communications. Semitech’s available products include the SM2200 OFDM power line communications transceiver, the SM2101 FSK/BPSK transceiver and the SM6401 power line communications system on a chip.