1st August 2013, Bristol, UK – Qi3 Accelerator has led a $3.1 million (£2m) funding round in Blu Wireless, a next generation wireless networking company. A syndicate of over $1.5m (£1m) of London Business Angels private investors, including Wren Capital, was led by Qi3 Accelerator, with a further $0.9 million (£0.6m) invested by the Angel Co-Fund. Several additional investments made up the remainder. This deal will allow the development and commercialisation of a next generation WIFI and 4G Network applications. The deal is the latest in a series of ‘hard technology’ investments by the Qi3 Accelerator team.
Blu Wireless’s baseband technology uses a flexible parallel processing architecture to efficiently support the complex modulation schemes required for emerging multi-gigabit wireless communication standards. The IP is currently optimised
for chipsets used in both advanced WiFi and 4G small cell deployments, and can be simply scaled to support the anticipated future standards as they move to 20Gbps and beyond. The Bristol, UK based firm is already working with several of the world’s leading semiconductor and system companies in these markets. The IP will be sold under license agreement to chipset manufacturers that compete in, or want to enter, markets that exploit the unlicensed 60GHz frequency band.
Blu Wireless’s CEO, Henry Nurser commented: “With the completion of this funding round, we will be executing our plan to become the leading supplier of baseband system IP to manufacturers in the 60GHz sector.
“Qi3 Accelerator did a great job to pull this large syndicate together and the Angel Co-Fund’s involvement was also vital to the transaction.”
Tim de Vere Green and Nathan Hill of Qi3 Accelerator led the transaction, alongside Rajat Malhotra of Wren Capital. Tim de Vere Green will join the Blu Wireless board.
Tim de Vere Green said: “This is a very exciting sector and we are convinced Blu Wireless will be a global leader in 60GHz technology. We believe 60GHz applications in both consumer WiGig and telecoms backhaul are set for rapid growth, and Blu Wireless is already working with several of the world’s leading semiconductor companies in these markets. The thorough due diligence we have conducted has given us great confidence in the team’s technical and management capabilities, as well as their deep knowledge of their target markets.”
Advisors to the transaction included solicitors Harrison Clark Rickerby, Roxburgh Milkins and Geldards.
For further information about this transaction, please contact:
Henry Nurser, Blu
Wireless Technology: firstname.lastname@example.org, 07785 366922
Tim de Vere Green,
Qi3 Accelerator: email@example.com, 07710 031781
About Qi3 Accelerator:
Qi3 Accelerator supports early-stage technology companies through financial investment and assistance in commercialising their products. Experienced investors Nathan Hill, Paul Anson and Tim de Vere Green lead the Qi3 Accelerator team, supported by investment analysis and other skills sourced from the Qi3 network. We are fortunate to work with a Technical Panel formed from a number of trusted Associates, who offer extensive business, technical and engineering expertise.