Sckipio raises $17M for G.fast chip development
Just a few days after the G.fast standards were given final approval by the International Telecommunication Union (ITU), Sckipio Technologies, a provider of G.fast modem chipsets, announced it has raised $17 million in a Series B funding round led by Pitango Venture Capital. The $17 million Series B follows an initial investment of $10m. Pitango will take a seat on the Sckipio board of directors.
According to Susan Eustis, President, WinterGreen Research: ‘The G.fast market is expected to reach $2.9B by 2020. The opportunity to participate in G.fast chips markets is compelling.
‘G.fast provides the ability to leverage outdated copper infrastructure to breathe new life into existing investment’ Eustis continued.
Eitan Bek, General Partner, Pitango Venture Capital said: “The market for G.fast is about to explode. But what makes Sckipio a special opportunity is its combination of a world-class team, incredible technology and deep expertise in the G.fast market.’
David Baum, Sckipio CEO said: ‘Sckipio intends to extend our leadership in G.fast. The additional investment will help us move even faster, enhance our product offering more quickly, and provide working capital to scale production to meet the high demand for our solutions.’
G.fast is the newly approved ITU broadband standard is designed to be deployed across the ‘last mile’ will deliver 1Gbps ultra broadband access over existing twisted pair to the home for up to 400 meters. It complements the FTTdp or FTTC style deployments that deploy fibre within a short distance of the end user.
The ITU is the United Nations agency for information and communication technologies, with a current membership of around 190 countries and over 700 private-sector entities and academic institutions. It represents a cross-section of the global ICT sector.