The Dovrat group investment company Planus is extending a $5 million credit line to the Israeli startup Provigent, which develops chips for the broadband wireless transmission sector.
Provigent will be using the money to expand its customer base and to accelerate development.
Including the credit line, Provigent has raised $26 million to date. A year and a half ago it raised about $10 million from Sequoia Capital, Pitango, Magnum, Ascend, Delta Ventures and Qualcomm co-founder Dr. Andrew Viterbi.
Herzliya-based Provigent's chips are designed for transmission between cellular transponders and the hub, wireless transmission at phone companies and wireless connection between different buildings in campuses, using Ethernet protocol.
Dan Charash, the startup's CEO, commented that the infusion attests to the company's level of stability and maturity. "Financing of this kind characterizes companies that have reached a certain level of maturity, with a broad customer base and repeat orders," he said.
The company recently announced that it has 30 customers, including several top-tier ones, that are using its PVG310 chip for wireless point-to-point communications systems.
Planus is a venture lending fund that extends credit lines ranging from $1 million to $10 million to technology companies. It has $100 million under management.