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WirelessDevNet.com Press Release
u-Nav Raises $5M in Series D Financing Round
IRVINE, Calif., July 9 -- u-Nav Microelectronics Corp. today
announced it has closed a $5 million Series D round of financing, which was
lead by Nordic Venture Partners, iSherpa Capital, Shelter Capital and UNI-LLC.
u-Nav will use the proceeds primarily to expand its sales and marketing teams
and development programs to meet the rising market demand for its products.
The Company has experienced 300% quarter over quarter growth for the past two
years and expects similar growth in the future.
In addition, u-Nav announced that Trimble (Nasdaq: TRMB) has expanded its
alliance by making an investment in u-Nav's latest round of financing. In
conjunction with participation in the financing, the companies have executed a
definitive cooperative marketing agreement. The agreement provides a
foundation for joint sales, marketing, business development and product
promotion.
u-Nav and Trimble have begun initial promotion and expect to begin
sampling combined product solutions in the fourth quarter of this year. The
product solutions include Trimble's proven core GPS software and u-Nav's ultra
low-power GPS chipsets. The combined high performance GPS solutions are
expected to be the lowest power, smallest size and most cost-effective
chipsets on the market. The chipsets directly support the rapidly growing
markets for location-based applications in high volume portable electronics
such as cellular telephones, handheld computing, watches, enterprise and
consumer asset management systems, personal location systems and automotive
location and navigation systems.
As part of this alliance, Trimble will be license its GPS software and
provide technical support and training to customers using the combined chipset
and software solutions. Trimble's core GPS software has been under continuous
refinement and in actual field use for more than 10 years. Trimble's proven
software solutions are currently shipping in embedded, automotive and timing
products worldwide. Trimble's core GPS software provides both stand-alone and
assisted GPS (A-GPS) operation as well as sensor assisted (dead reckoning) and
timing algorithms.
u-Nav's patented semiconductor platform is based on an all CMOS design and
features a powerful matched filter search (acquisition) engine, combined with
an advanced GPS tracking platform. This combination permits an extremely
small, cost effective GPS solution for devices with outstanding performance.
This proven, low power, GPS chipset has begun high volume production in key
growth applications such as cellular handsets, PDA's, watches and other
portable consumer and enterprise electronics products.
The u-Nav CMOS chipset is utilized by a variety of companies, including
two of the highest volume electronics manufacturers in Korea and Japan. In the
last two years, u-Nav has experienced more than 300 percent growth, partially
fueled by the high demand for affordable, low power and very compact GPS
solutions. The u-Nav GPS reference design can be implemented on the single
side of a 12x12mm printed circuit board area, which is smaller than a dime. u-
Nav's new chipset consumes less than 55mW (one-third of the power of competing
chipsets) in a continuous GPS tracking mode, the u-Nav chipset is presently
enabling a new generation of battery powered GPS products.
"We believe the u-Nav chipset platform has significant advantages over
other GPS semiconductors on the market today in terms of size, power
consumption, and the collection of the GPS observables," said Dennis Workman,
vice president and general manager of Trimble's Component Technologies
Division. "When combined with Trimble's software and application support,
this total solution will provide users with the most advanced GPS technology
available today."
"Trimble's investment in u-Nav reinforces the conviction that together we
will offer 'best in class' products and technology solutions for one of the
fastest growing technology markets," said Russ Garcia, president and CEO of
u-Nav. "We expect, through this relationship, to provide our customers with a
significant market advantage, which will rapidly enable new products and
market segments."
About Trimble
Trimble is a leading innovator of Global Positioning System (GPS)
technology. In addition to providing advanced GPS components, Trimble augments
GPS with other positioning technologies as well as wireless communications and
software to create complete customer solutions. Trimble's worldwide presence
and unique capabilities position the Company for growth in emerging
applications including surveying, automobile navigation, machine guidance,
asset tracking, wireless platforms, and telecommunications infrastructure.
Founded in 1978 and headquartered in Sunnyvale, Calif., Trimble has more than
2,000 employees in more than 20 countries worldwide.
For an interactive look at company news and products, visit Trimble's Web
site at: http://www.trimble.com .
About u-Nav
Headquartered in Irvine, Calif., u-Nav is a privately held, fabless
semiconductor company that develops GPS chipsets and software for the emerging
mobile location based services market. u-Nav's 10 plus year GPS legacy and
their experienced semiconductor management team has produced the industry's
leading chip-set combination of ultra low power, small form factor, high
performance, and low cost. u-Nav's products support both conventional and
high sensitivity, network assisted A-GPS and deliver state-of-the-art
performance, enabling operation indoors and in dense urban canyons. The
company's easy-to-integrate GPS chip-set is targeted for battery powered
mobile applications, including wireless handsets and personal precision
navigation and tracking devices. In addition to the U.S. headquarters, u-Nav
has offices in Europe and Asia and distributes its products worldwide.
For additional information see: http://www.unav-micro.com/ .
About Nordic Venture Partners
Nordic Venture Partners is a leading venture capital company in the Nordic
region, dedicated to venture capital activities in the technology sector.
Nordic Venture Partners manages a Nordic IT venture fund with total investment
capital of 250 million USD. Through its capital strength, extensive expertise
and broad network, NVP takes an active role in its portfolio companies' value
creation. It invests in unique technologies that can be applied in segments
with high growth. Nordic Venture Partners has offices in Copenhagen, Stockholm
and Helsinki. For more information about Nordic Venture Partners, please visit
http://www.nordicvc.com or contact Tero Mennander, Partner in NVP, tel dir. +358 9
8567 6391, tel mob. +358 50 550 5682.
About iSherpa Capital
iSherpa Capital is an investor in early stage wireless and supporting
technology companies. It offers a proven methodology that combines the
traditional venture capital resources with its innovative processes and
metrics-focused approach. Located in Denver, Colorado, iSherpa combines an
experience-based, execution-focused approach with world-class resources -
including strategy, leadership, operations and capital - to guide companies to
the summit. iSherpa Capital can be contacted at 303-645-0500 or through their
web site at http://www.isherpa.com. The corporate offices are located at 9100 E.
Panorama Drive in Englewood, Colorado.
About Shelter Capital Partners
Los Angeles-based Shelter Capital Partners (http://www.sheltercap.com) is a
leading technology investment firm that invests in businesses at all stages of
development, with a focus on high value-add investing in companies that have
the potential to become industry leaders. Areas of investment focus include
wireless and other communication technologies, enterprise application software
and semiconductors.
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