Chipmaker Magis Networks has closed its $40 million second round of funding with a contribution from AOL Time Warner Ventures. Other investors in the round included WK Technology Fund, China Development Industrial Bank, Hitachi, Motorola, Panasonic and Sanyo. First-round investors Vulcan, Bay Partners and Crescendo Ventures also pitched in.
Magis makes chips for equipment that powers wireless LANs (local area networks) and plans to launch products for the consumer and business markets by early 2003. Wireless networking has received recently as companies try to promote the advantages of the technology in homes and businesses. Equipment that can use Magis chips includes cable set-top boxes, cable modems, PCs, laptops, handheld computers, satellite receivers and consumer electronics equipment such as televisions and personal video recorders.