Qi3 represented a syndicate of over $1.5m of London Business Angels private investors, including Wren Capital.
A further $900,000 was invested by the Angel Co-Fund with the remainder committed by several additional investors.
The company’s baseband technology uses a flexible parallel processing architecture to support the complex modulation schemes required for emerging multi-gigabit wireless communication standards.
The IP, which is currently optimised for chipsets used in both advanced WiFi and 4G small cell deployments, will be sold under license agreement to chipset manufacturers that compete in markets that use the unlicensed 60GHz frequency band.
Qi3 Accelerator’s Tim de Vere Green said, “This is a very exciting sector and we are convinced Blu Wireless will be a global leader in 60GHz technology.
“We believe 60GHz applications in both consumer WiGig and telecoms backhaul are set for rapid growth, and Blu Wireless is already working with several of the world’s leading semiconductor companies in these markets.
“The thorough due diligence we have conducted has given us great confidence in the team’s technical and management capabilities, as well as their deep knowledge of their target markets.”
Earlier this year London Business Angels invested £1m in six SMEs alongside other co-investment of approximately £4.5m.
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