NextWave Raises $355 Million To Fund Drive Into WiMax And Wi-Fi

Mar 29, 2007 (01:03 PM EDT)

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NextWave Wireless, which was unable to get its business off the ground in an earlier incarnation because it was in bankruptcy, is determined to become a force in WiMax and Wi-Fi, and raised $355 million to accomplish that.

The firm said Wednesday that Chairman and CEO Allen Salmasi and Douglas Manchester, a board member, each put up $50 million and that the company raised another $255 million in a private placement of stock.

The firm said the $355 million investment would be used to speed up development of new wireless technologies, expand company business, and facilitate strategic acquisitions.

"These investments, by both new and existing investors, are a concrete expression of confidence in the future of NextWave Wireless," said Salmasi in a statement. "We intend to use the proceeds from this transaction to accelerate the commercialization of our next-generation family of multi-band, integrated WiMax and Wi-Fi semiconductor products and network components, and to support strategic initiatives."