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SyChip raises $15 million in funding

Wireless module maker SyChip announced on Tuesday that it raised $15 million in its third round of funding, bringing its total to $43 million. The round was led by Sierra Ventures and also included previous investors, 3i Group, Alliance Technology Ventures, Genesis Park, Intel Communications Fund, K2 Development, Markpoint Venture Partners, Masthead Venture Partners, New Venture Partners and Pacesetter Capital Group.

The Plano, Texas-based start-up will use the new capital to sign up more customers and gain more partners, as well as to bolster production, expand its sales team and speed up the development of multiple radio wireless modules. The company added that Jeff Drazan, a partner at Sierra Ventures, will be added to SyChip's board of directors.