GenXComm’s Spectrum Boosting Tech Lands $7M Led by Intel Capital
Austin—[Updated 2:13 p.m. See below.] Intel Capital is leading a $7 million Series A round of funding for Austin, TX-based GenXComm, a startup developing wireless technology that reduces interference in transmitters of 5G mobile, Wi-Fi, and cable networks data.
By reducing that interference, GenXComm says more data can flow back and forth over the limited spectrum that’s available, increasing the speed and capacity of both wireless and cable networks. Intel Capital, the investment arm of tech giant Intel (NASDAQ: INTC), sees potential in GenXComm because the ability to handle the increasing amount of data consumers are using on mobile networks and connected devices makes technologies like GenXComm’s increasingly important, Dan Artusi, vice president and general manager of Intel’s connected home division, said in a news release.
GenXcomm announced a $1.2 million seed funding round this summer, which FAM Capital Partners led. The company previously received other investments from UT Horizon Fund, and other unnamed investors. UT Horizon Fund and FAM also participated in the Series A round, along with other existing and new investors, including Azure Capital Partners, Bandgap Ventures, Capital Factory, Lip-Bu Tan, and WS Investment Co. [Updated to reflect that the company has clarified that the seed round was $1.2 million since announcing a $1.5 million round earlier this year.]
GenXComm was founded last year, and was developed as a part of a four-year research project at the University of Texas at Austin. GenXComm says it may add to the Series A round, and is using the funds for research and development.
“The explosion of smartphone usage and internet bandwidth is pushing the limits on today’s network architecture and available spectrum,” Sriram Vishwanath, co-founder and CEO of GenXComm, said in the news release.