An unusually moderate cash burn for a semiconductor company helped ZeroG Wireless Inc., a designer of wireless chips that enable an Internet connection for devices from digital picture frames to refrigerators, snare a $17 million Series B round despite rocky economic conditions.
Battery Ventures of Waltham, Mass., led the latest round. Addressing concerns that startups would be challenged to justify their valuations in the current climate, CEO John Cummins said that the latest investment had been an "up round," with the company's valuation growing since it closed its $13 million Series A financing a year ago.
Also participating in the round were Series A investors Morgenthaler Ventures of Menlo Park, Calif., and Greylock Partners of San Mateo, Calif. -- Andrea Orr
See Oct. 27 press release from ZeroG Wireless
