Monday, October 27, 2008

Battery backs wi-fi chipmaker ZeroG Wireless

By Mass High Tech Staff

Battery Ventures has led a $17 million funding round in ZeroG Wireless Inc., a California developer of low-power wi-fi chips. Joining Waltham-based Battery in the Series B round was Boston-based Greylock Partners and Morgenthaler Ventures, which is headquartered in California and has an office in Boston.

Officials at ZeroG Wireless say the company will use the new funding to take its products to the marketplace by expanding its sales channels, to add to its executive team, and to work on future products.

In conjunction with the new financing, Alex Benik of Battery Ventures, has joined the ZeroG Wireless board of directors to form a six-member board.

According to John Cummins, CEO of ZeroG Wireless, the company’s low-power chips are intended to allow almost any device to connect to wi-fi.

 In September, Battery Ventures named a new firm partner — Ramneek Gupta, who joined Battery in 2006 — and started working to open the venture capital firm’s new office in Bombay, India.

Battery also promoted Jesse Feldman, who focuses on growth equity and buyout investing, to firm principal. He joined Battery in 2005, company officials said. Brian Lieber, who joined Battery in 2004, was promoted to principal. He oversees investments from the firm’s entrepreneur-in-residence program. Brian O’Malley, who joined Battery in 2004, was also promoted to principal.

The promotions and appointment came one week after Battery confirmed that it closed a $250 million supplement fund to complete more big-ticket growth-equity and buyout investments. The new fund, which attracted 64 investors, is listed as a side fund to supplement Battery’s $750 million eighth fund that the firm closed in July 2007, according to a filing with the U.S. Securities and Exchange Commission. The side fund closing came the same week Battery announced that it was expanding its office in Israel, but officials said the two events were unrelated.