Nanoradio secured financing of EUR 10 million

Logo-NanoradioSweden, 02.07.2010: With the scope to strengthen its growth expansion, Nanoradio (Nanoradio Hellas is a mi-Cluster member) secured financing of EUR 10 million from existing investors. In particular, Nanoradio signed an agreement with the current investors Viking Venture, Creandum, Ferd, Industrifonden, Nordic Venture Partners, Innovacom, and Teknoinvest to fund Nanoradio for its growth expansion. With this new investment, Nanoradio will be well equipped to support its volume growth together with executing a more ambitious launch plan of a new line of competitive products.

Tord Wingren, President & CEO of Nanoradio AB, said "We will become a significant connectivity provider and the investment in Nanoradio is a significant recognition of the trust in our team and our capability to deliver according to plans.During the last 12 months we have made tremendous progress and we will now show our longer term commitment to continue to provide world-class WiFi solutions to Tier-1 Mobile Phone makers and demonstrate our capabilities to deliver high volumes to the highest quality standards”.

In addition, the Partner at Viking Venture and board member of Nanoradio, Eivind Bergsmyr said "We are very satisfied with the way Nanoradio has developed since our first investment 12 months ago. The company is executing on its strategy to become a leading WiFi solutions provider to the Mobile Phone industry, and with an exiting product portfolio and increasing customer interest we are positive that Nanoradio will be reaching it’s ambitious targets. Raising EUR 10 millions from existing investors shows the strong belief all existing investors have in the company”.