GainSpan, a Silicon Valley company that deals in low power WiFi semiconductor technology, is looking to raise a total of $20 million in a new round of funding, according to a filing made today with the U.S. Securities and Exchange Commission.
GainSpan has closed on $6.47 million of the offering, leaving some $13.53 million in equity left to be sold. The filing, which was signed by CFO Dennis Wittamn, did not disclose who has participated in the round so far.
GainSpan makes ultra-low power embedded wireless chips, modules and related software that enable various devices and objects to be connected to the Internet — purportedly bringing us closer to living in the much-buzzed-about world of the “Internet of Things” where nearly every object, from kitchen gadgets to thermostats to pacemakers, has some kind of web connectivity. The company was founded back in 2006 and counts Intel Capital, New Venture Partners, Opus Capital, OVP Venture Partners, Sigma Partners, and Camp Ventures as investors.
We’ve reached out to GainSpan for comment on the new funding, and will report back with any new information we receive.