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Lowell-based chip maker BitWave Semiconductor Inc. has raised $3.25 million in a debt funding round, according to federal documents.
According to a recent filing with the U.S. Securities and Exchange commission, the company has raised the new funds through the placement of notes convertible into preferred shares of stock. The document cited three investors, but did not identify them.
In its $10.2 million Series B round raised in August of 2008, Bitwave took funding from Boston’s TVM Capital, Chicago’s Apex Venture Partners and Virginia’s ECentury Capital. Wayne Boulais of Apex is listed as a director of the company in the filing.
BitWave’s technology is aimed at allowing wireless device makers to build products that can work on any wireless mode, from GSM, EDGE and W-CDMA to CDMA2K, 802.11a/b/g and 802.11n. The company provides a chip that can be programmed to handle any of the protocols, or change them, after the device has been built.
BitWave was founded in 2003 by Cyr, a former executive at semiconductor developer Global Communication Devices Inc., and CTO Geoffrey Dawe, former CEO and co-founder with Cyr of Global Communications. CEO Mike Farese, formerly of Palm Inc., was appointed last fall, while the company added vice president of business development David Donovan, formerly of Analog Devices Inc., this past April.
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