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Xronet receives $4 million in venture capital funding
Xronet has successfully received $4 million investment from IDG Ventures Korea, Hanmi Venture Capital Corporation and Tongyang Venture Capital Corporation. In announcing the news, Xronet also said that it had secured an additional $1million investment from the government.
Established in 2005, Xronet is a local start-up company providing SoC solutions for WiBro, a cutting edge technology in advanced wireless communications. It is one of the leading players in Mobile WiBro/WiMax market.
Currently government is focusing heavily on WiBro and IPTV to become new growth drivers of Korean industry. With advanced technology and business potential, Xronet has managed to secure investments from local and global venture capitals in the midst of global financial turmoil.
S.T. Jin, Partner of IDG Ventures Korea, quotes “Carriers around the world are investing heavily in Mobile WiMax technology. The market potential for WiMax is huge. Under these conditions, Xronet has the cutting edge technology essential for future mobile communication SoCs. Even though investment market is sluggish due to financial slowdown, IDG Ventures Korea will continue to invest in local venture companies with innovative technology and support the venture eco-system in Korea".
According to an expert in the industry, “it is unconventional to see such venture investment under the current financial and economic conditions".
Hyung-Won Kim, Founder and CEO of Xronet, said “Investment from IDG Ventures Korea, Hanmi Venture Capital Corporation, etc indicates that our technology and growth potentials are highly valued by the industry". and that “Xronet will reach out to overseas market through developing innovative technology and next generation products. We believe that IDG’s global network will be effective in this respect".
Xronet will use the investment for R&D and product development.
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