Sunnyvale,
Calif. – SiBeam, a maker of high-speed
wireless communication platforms, said on Tuesday that it has landed an
unspecified equity investment from consumer electronics retailer Best Buy (NYSE: BBY).
SiBeam, which previously had received investments from consumer electronics
firms such as Panasonic and Samsung, has developed 60 GHz semiconductor
technology for the wireless transmission of high-definition (HD) video, audio
and data.
The move is a strategic one for Best Buy, which in addition to its
retail stores also manufactures its own technology products under the Insignia,
Rocketfish, Dynex, Init and Geek Squad brands.
John LeMoncheck, the president
and CEO of Sunnyvale, Calif.-based SiBeam, said that his company will use the
funding to help launch "several of our strategic initiatives for
2010."
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