Irvine-based startup WiSpry Inc., which makes chips for cell phones, said Tuesday it raised $10 million in a third round of venture funding with the possibility of adding more.
The company said it expects to tack on at least $5 million more to the round, which is set to close this summer.
WiSpry, one of Orange County’s best-funded startups, has raised some $37 million to date.
It makes moving microscopic machines that are thousandths of an inch in size and puts them on chips. The chips make a phone’s signal to cell towers more efficient, allow for fewer dropped calls and lengthen battery life up to 30%.
The latest round was led by a new investor, Washington, D.C.-based Paladin Capital Group. A representative from Paladin is set to gain a seat on WiSpry’s board.
The company also added another new investor, Japan’s MuRata Manufacturing Co., a maker of ceramic capacitors that go into cell phones, medical devices, computers and other consumer electronics.
WiSpry’s earlier investors, including Sacramento’s American River Ventures, San Francisco’s Blueprint Ventures, San Diego’s Shepherd Ventures and New York’s L Capital Partners, also participated in the round.
“Completion of a financing with new investors in this economic climate is validation of the tremendous progress we have made at WiSpry,” Chief Executive Russell Garcia said.
The funds are set to help expand the company’s operations, engineering team and software support group as it gears up to ship its chips to cell phone makers later this year.
Last year, closely held WiSpry said it’s landed a design win with one of the big three cell phone makers,but wouldn’t say which one.
WiSpry was formed in 2002 when it split from the radio frequency and wireless business unit of Austin, Texas-based Coventor Inc.
It didn’t get off the ground until 2004 with a million dollars in seed money from Tech Coast Angels, a loose group of Southern California investors.
