December 8, 2014 –Ramat Gan, Israel – Sckipio Technologies, the leader in G.fast modem chipsets, today announced it has raised $17M USD in a Series B round led by Pitango Venture Capital and combined with follow-on investment from the original Series A investors; Gemini Israel Ventures, Genesis Partners, Amiti Ventures and Aviv Ventures. The $17M in Series B follows an initial investment of $10M. Pitango will take a seat on the Sckipio board of directors.
“The G.fast market is expected to reach $2.9B by 2020,” said Susan Eustis, President, WinterGreen Research. “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 G.fast provides the ability to leverage outdated copper infrastructure to breathe new life into existing investment.”
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G.fast is the newly approved ITU “last mile” standard that will deliver 1Gbps ultra broadband access over existing twisted pair to the home for up to 400 meters.
“The market for G.fast is about to explode,” said Eitan Bek, General Partner, Pitango Venture Capital. “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.”
“Sckipio intends to extend our leadership in G.fast,” said David Baum, Sckipio CEO. “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.”