Irvine-based wireless communication firm Movandi Corp. has convinced a national media outlet its under development 5G technology is one to watch in 2020.
Business channel CNBC named privately held Movandi to its “Upstart 100” list, which recognizes up-and-coming startups in various sectors based on factors including ability to grow, potential for sales increases, workplace diversity and intellectual property.
“I would rank [us] high in all these categories,” co-founder, chief operating officer and co-CEO Maryam Rofougaran told the Business Journal this month.
“It’s the kind of innovation we’re bringing to the table,” she said.
“We have applied for more than 47 patents,” with more than half of those issued since the company launched in 2016, she said.
“In addition, we are currently scaling to address volume production and shipping” for next year.
5G is the fifth generation of cellular wireless technology now on its way in the U.S. It’s designed to provide high-bandwidth connectivity that can be up to 100 times faster than the 4G LTE connections people rely on today.
Brother, Sister
Maryam runs the company with brother and co-founder Reza Rofougaran, chief technology officer and co-CEO.
The siblings also co-founded Bluetooth chipmaker Innovent Systems in 1998, which they sold to then Irvine-based semiconductor giant Broadcom in 2000 on undisclosed terms.
“Right now, we’re not actually making a lot of revenue. It’s mostly selling our prototype,” she said. “Next year is where we’re going to have a good amount of revenue. That’s what we expect.”
The company has raised about $40 million in funding since its founding and now employs about 58. Investors include Cota Capital, Sierra Ventures, and DNX Ventures, the company said.
Movandi is seeking to innovate 5G millimeter wave networks, which while able to carry a lot of data have seen questions about their suitability over long distances, dealing with atmospheric interference and the ability to go through walls, often requiring a direct line of sight.
Maryam acknowledged 5G still faces challenges.
The company in February introduced its BeamXR technology, to extend coverage, keep transmission delays low and overcome some line-of-sight issues, melding “reliability … network coverage … and mobile performance.”
Obsidian, Too
Telecoms “know they’re going to have to be going to millimeter wave and that’s where the challenges are,” she said.
Each company on the Upstart 100 list has raised no more than $50 million in venture capital, so valuations are still relatively low, while promise and potential are high, according to CNBC.
The Upstart 100 is designed to present a picture of where venture capitalists are placing bets in the longer term.
Movandi was one of two from OC to make the list along with Obsidian Security, a closely watched Newport Beach cybersecurity firm.
