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VC Funding - Sequans

SEQUANS Communications Secures USD 9 Million in VC Funding

Funds accelerate launch of its WiMAX SoC

Paris, France – February 22, 2005 – SEQUANS Communications, a fabless semi-conductor company in the 802.16/WIMAX space, today announced that it has secured and closed €7 Million (approximately $9 Million) in its Series B financing round from major Venture Capital firms. The round was led by UK-based Add Partners, and co-led by Vision Capital, a firm that specializes in Trans-Atlantic investments. Also participating in this oversubscribed round were SGAM, the investment arm of French bank Société Générale, and prior investors T-source and Cap Décisif.

Sequans is currently shipping its FPGA platforms and software, enabling system vendors to start integration of Sequans' technology in their products right away, and will be delivering for mid-2005 system-on-chip (SoC) for both base stations and subscriber stations. It will be based on the IEEE 802.16-2004 standard, incorporating all features required for initial WiMAX certification, as well as selected optional features such as space-time coding, diversity combining, full subchannelization, ARQ and real-time services. These features, along with Sequans' optimized implementation, will enable true indoor coverage, increased capacity, and applications such as video, VoIP, or TDM backhauling; all this starting in 2005. Moving forward, Sequans plans to deliver an 802.16e solution, designed both for the Korean WiBro market and to support future mobile evolutions of WIMAX.

'In today's challenging financial environment, especially in the high tech start-up sector, this investment is strong validation of Sequans' market opportunity,' said Georges Karam, President and Chief Executive Officer, Sequans. 'This round provides Sequans with the funding that is vital to launching our 802.16-2004 /802.16e products and to execute on our go to market strategy.'

'We believe in the disruptive potential of WiMAX to become a leading access technology, especially as it evolves from fixed to portable and mobile applications,' said David Ong, Investment Director, Add Partners. 'Add Partners welcomed the opportunity to work with the Sequans team to help take the Company to its next level of success.'

'We are pleased to have the opportunity to work with a team of such high calibre,' said Dominique Pitteloud, Principal, Vision Capital. 'We are impressed by Sequans' innovative approach and the team's track record of delivering high quality solutions on time.'

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