Latest Round Expands Near Field Communication to Include Wireless Music and Voice
July 20, 2004 - Wilmington, MA - Aura Communications Technology, Inc. - the leader in magnetic communication technology for reliable, low -power wireless transmission of music, voice and data - today announced the closing of an $11 million round of funding comprised of both new funds and the conversion of all outstanding bridge loans. Creative Technology, a worldwide leader in digital entertainment products for PC users, and Entrepia Ventures led the round. Participating investors included iSherpa Capital, a venture capital firm specializing in wireless and supporting technology investments, and existing investors Duchossois Technology Partners and Motorola Ventures. Proceeds of the funding will be used to launch the Company's next generation streaming audio ASIC later this year and to build its sales and support operations in Asia.
Aura Communications has raised more than $31 million since the company's inception in 1995 to develop a commercially feasible, chip -based magnetic communication product line. Products featuring Aura Communications' voice -capable LibertyLink® technology have been profiled over the last 12 months in media as diverse as the Financial Times®, the New York Times®, US News & World Report®, EETimes®, Forbes®, the Gizmo Guy™ for ABC World News Now™, Popular Science® and a host of other publications, television shows and radio outlets. These media stories focused on the technology's disruptive nature, low -power and innovative capability for driving the next -generation of wireless products.
"Magnetic induction - particularly Aura's upcoming stereo solution for streaming wireless audio - appears poised to shake up the market for personal music players as well as wireless headsets," said Andrew Seybold, wireless analyst for Outlook 4Mobility. "It is a technology we are watching with great interest, particularly given Creative and Motorola's investments in the company."
Aura's technology offers short -range wireless connectivity with extremely low power consumption, virtually no interference with other wireless devices, and a high level of security. For the end users, these characteristics translate into significantly longer battery life with greater reliability and higher quality of service than other wireless solutions. To commercialize this technology, the company has assembled a significant patent and intellectual property position in the use of magnetic communications in consumer electronics and other devices.
"In the last 12 months, Aura's magnetic communications technology has gained accolades from customers and investors alike. We are confident that our technology will continue its drive toward becoming the de -facto standard for short -range wireless - particularly for music - through our upcoming stereo audio chip," said Kip Kokinakis, CEO of Aura Communications. "We are very excited to have Creative and our other new investors join our existing investor team. Magnetic induction has been recognized as a 'disruptive technology' by some of the largest consumer electronics companies in the world and some very exciting new wireless products are being designed using our solution."
Aura's next generation of products - to be released later this year - will be both voice and audio capable. These solutions will be ideal for providing high -quality stereo audio in products as diverse as MP3 players, portable DVD players and the large emerging market for audio capable mobile phones.
About Aura Communications Technology
Aura Communications Technology, a fabless semiconductor company, has developed the next -generation of wireless connectivity specifically targeted for consumer electronics and mobile devices. Utilizing an enhanced form of magnetic communication rather than broadcast radio frequency technology, Aura enables the design of the lowest power and most affordable wireless products on the market today. The result of nearly a decade of research and development, Aura's LibertyLink® technology creates a built -in privacy zone that envelopes and is uniquely owned by each user for secure, reliable communications. Aura technology unwires the next -generation of headsets, mobile communication devices, MP3 players and other to -be -announced products from the world's most respected brands. Aura Communications has been awarded multiple patents covering magnetic induction communication and is well positioned to capture the unique benefits of this technology.