Trailblazer Capital has joined founding investors, Southern Cross Venture Partners and Austin Ventures to provide an unspecified amount of second round funding for the US based Nitero whose R&D team is based in Melbourne. Nitero also scored $1.43m in funding from Commercialisation Australia in mid 2011. http://www.itwire.com/business-it-news/technology/47231
Nitero CEO, Patrick Kelly, said: "Many said we couldn't run a semiconductor company and get to a meaningful milestone on the amount we raised in our first round. Our demo clearly proves this viewpoint was wrong."
George Barber, a venture partner of Trailblazer Capital who is a board member of Nitero, said: "The team has executed upon demanding development plans in a timely and capital efficient manner."
Dr Larry Marshall, managing partner, Southern Cross Venture Partners, added: "Nitero is a great example of technology mining in Australia, when a unique Australian invention like WiFi is united with experienced Australian and US co-investors, a proven management team, and strong government support through NICTA and Commercialisation Australia, to create a truly disruptive innovation."
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