SOURCE: Provigent Inc.

December 22, 2008 08:00 ET

Provigent Continues to Accelerate Growth -- Secures $10 Million in Fifth-Round Funding

Lightspeed Venture Partners to Join as New Investor

SANTA CLARA, CA--(Marketwire - December 22, 2008) - Provigent, the leading provider of System-on-a-Chip (SoC) solutions for the Broadband Wireless Transmission market, announced today that it has closed a fifth-round of financing in the amount of $10 million. Lightspeed Venture Partners led this round of funding with a $10 million investment, joining Provigent's existing technology investors: Sequoia Capital, Pitango Venture Capital, Globespan Capital Partners, Magma Venture Partners, Ascend Technology Ventures, Delta Ventures, Stata Venture Partners, and Dr. Andrew Viterbi.

"Provigent is the leading SoC provider in the Wireless Transmission market, as evidenced by the company's growth and broad customer base," stated David Gussarsky, Managing Director at Lightspeed. "We believe that the wireless backhaul market is poised for accelerated expansion over the coming years due to the exponential increase in data traffic and the rapid subscriber growth in emerging markets. Lightspeed is very impressed with Provigent's leading market position, its strong record of achievement and the potential of its technology."

"Provigent is poised for significant growth with continued confidence and investment in our product road map," stated Dan Charash, Provigent's CEO. "We are proud to have Lightspeed Ventures Partners as part of our investors' team. The investment community's consistent confidence in Provigent is testament to the strength of our business success and focus."

Provigent's field-proven, mass-production SoC solutions offer significant system-level enhancements while lowering overall system cost. With established economies of scale, significant R&D and a dedicated focus on the broadband wireless transmission industry, Provigent continues to strengthen its position as the market's leading SoC provider.

About Provigent

Provigent is the leading supplier of SoC solutions for the Broadband Wireless Transmission industry. More information is available on the Web at www.provigent.com or via e-mail at info@provigent.com.

About Lightspeed Venture Partners

Lightspeed Venture Partners is a leading global venture capital firm with over $2 billion of committed capital under management. Lightspeed's investment professionals and advisors are located in Silicon Valley, China, India and Israel. Over the past two decades, the Lightspeed team has backed more than 150 companies, many of which have become leaders in their respective markets, including Blue Nile, Brocade, Calista, Ciena, DoubleClick, eHealth Insurance, Galileo Technology, Growth Networks, Informatica, Kiva Software, LightLogic, Maker Communications, Metasolv, Phone.com, Quantum Effect Devices, Riverbed, Sirocco, Virsa Systems and Waveset. For more information, visit the Lightspeed website: www.lightspeedvp.com.

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