LitePoint Receives Funding from Sequoia Capital
Wireless Test Solutions Pioneer Redefines How the Global Consumer Electronics Industry Designs Chips and Makes End-products in the New Economy
SUNNYVALE, CA ― March 28, 2007 ― LitePoint Corporation, an industry leading provider of advanced wireless test solutions, today announced that it has completed a round of private equity funding from Sequoia Capital. LitePoint Corporation, founded by semiconductor and wireless veterans, is attuned to the design process, systems development, and manufacturing needs of wireless chipset vendors (e.g. Atheros, Beceem, TI), OEMs (e.g. Gemtek, RAFI, Sercom), and consumer electronics systems makers (e.g. AVM, NETGEAR). It accelerates the success of the global consumer electronics industry by providing innovative test solutions to the entire wireless communications industry value chain that shorten time to production, enhance customer support and increase control of brand quality and costs.
LitePoint industry-leading products include IQmax® – the first one-box WiMAX tester system for R&D and manufacturing, IQview® and IQflex® – the first integrated WiFi testers for labs and factories, IQnxn® – the first tester to support up to 4x4 MIMO wireless testing, LitePoint Bluetooth – the first test solution for Bluetooth 2.0+EDR/WiFi combo device testing, and IQfact® software – a family of test programs supporting specific wireless chipsets for design verification (DVT) and fast manufacturing testing.
“We invest in companies playing in large and growing addressable markets, with great teams, clear differentiation and unique competencies,” says Mike Goguen, Sequoia Capital partner. “LitePoint is at the top of the class in every regard important to us with a unique business model, large and fast growing markets, world-class technology, a superb customer base, and an inspired and driven team of people. While they have doubled in size year over year, we believe they have only scratched the surface of their potential. We have long experience with fast growing companies and will be a strong partner with them during this new high-growth phase.”
“When you look at Sequoia Capital’s track record, it is second to none,” says Benny Madsen, co-founder and CEO of LitePoint. “We only want to be associated with the best, that’s how we’ve run our business from day one. We are very fortunate to work with the people of Sequoia. With their caliber and experience on our side, we are completely aligned on how we think about scaling a business. We are convinced that they will help us be the undisputed best at how we service our customers, how we treat our people, and how we reward our shareholders.”
ABOUT LITEPOINT CORPORATION
LitePoint is a world leader in wireless test solutions. Collaborating with all major wireless chip companies, LitePoint offers the fastest time to production, the lowest cost of test, and the best test coverage available today for the world’s largest OEMs & ODMs and Brand Owners. With commoditization shrinking product life cycles, LitePoint’s first-to-market solutions for WLAN including MIMO plus Bluetooth and WiMAX support faster test, lower cost, and increased quality for chipset designers, OEMs & odes and brand companies. For more information, visit LitePoint at www.litepoint.com.About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into companies. As the "Entrepreneurs Behind the Entrepreneurs", Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of Network Appliance, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of nVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube and Dominic Orr and Keerti Melkote of Aruba Wireless Networks. To learn more about Sequoia Capital visit www.sequoiacap.com.
Contact:
Paul D. Wcislo, Corporate Communications
LitePoint Corporation
+1 408-456-5000 x1242
paul.wcislo@litepoint.com
Michael L. Goguen
SEQUOIA CAPITAL
goguen@sequoiacap.com
