Intel Ups Stake In Mobile WiMax Start-Up

location based services

An executive with Intel's investment arm says it's "critical" that the industry develop WiMax products. EE Times Jun 22, 2006 03:04 PM
SAN FRANCISCO — Intel Capital, the investment arm of the world's No. 1 chip maker, has increased its stake in portable wireless broadband network solutions Navini Networks Inc., which Wednesday (June 21) said it has successfully secured $17.5 million in venture funding.
"It is critical for the industry to develop mobile WiMAX solutions to meet the communication and information needs of our increasingly on-the-go society," said Sriram Viswanathan, Intel Capital's vice president and managing director of mobility. "Navini Networks is a key equipment supplier to service providers whose deployments are accelerating this trend."
Intel Capital was an original investor in Navini in 2001. Navini (Richardson, Texas) did not say how much of the $17.5 million came from Intel Capital, nor did the company disclose the identities of the other investors. The company said the "insider" funding round was "significantly oversubscribed."