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Press Release - October 25, 2006 Quorum Systems Secures $15 Million Series C Funding Follows Start of Volume Production With the Sereno QS1000 SAN DIEGO, Calif. -- October 16, 2006 -- Quorum Systems, Inc., a fabless semiconductor manufacturer specializing in highly integrated, ultra-low-power, high-performance CMOS radio frequency (RF) transceivers, today announced that it has raised $15 million in a Series C funding round. Crescendo Ventures, a new investor to Quorum Systems, led the Series C funding, which closed earlier this month. Crescendo Ventures was joined by existing investors Greylock Partners, Kleiner, Perkins, Caufield and Byers, and Enterprise Partners Venture Capital. This news follows Quorum's recent announcement regarding its move into production based on volume orders from the wireless market for the Sereno™ QS1000 quad-band GSM/GPRS/EDGE transceiver. "The progress that Quorum Systems has made over the last 18 months has exceeded expectations," stated Wayne Cantwell, Crescendo Ventures. "Moving into production is a very significant milestone for any semiconductor start-up company, but accomplishing this in the highly competitive cellular transceiver market represents a stellar achievement. We are all extremely confident not only in Quorum's products and the markets these products address, but also in this management team's ability to deliver." "This new round of funding will allow us to move more rapidly into the next phase of the company's life," said Bernard Xavier, President and CEO of Quorum Systems. "We have developed a family of highly competitive products and we are now starting to reap the benefits of our Sereno platform in terms of revenue generation. This additional money will be used to accelerate our productization strategies, moving us steadily toward profitability and significant market share." Quorum's proprietary transceiver technology enables vastly different radio technologies to be integrated into a single-chip. The Sereno family includes the QS1000, QS2000 and QS3000. The QS1000 is a quad-band GSM/GPRS and EDGE transceiver. The QS2000 integrates quad-band GSM/GPRS and EDGE capability with 802.11b/g, enabling simultaneous operation of Wi-Fi and cellular. The Sereno QS3000 combines GSM/GPRS/EDGE and 3G HSDPA into a single-chip, offering global support for dual mode HEDGE handsets. About Quorum Systems, Inc. Quorum Systems is a fabless semiconductor company that develops highly integrated CMOS radio frequency (RF) transceivers. Based in San Diego, California, USA, Quorum has focused on developing key intellectual property that enables multi-band radios to be low cost, low power and high performance. For more information about the company and its products please visit www.quorumsystems.com. |