Second major success story for GreenPeak founder and CEO Cees Links who was part of the team in 1990s that created and launched Wi-Fi. Cees pitched the original concept of Wi-Fi to Steve Jobs, Apple became the first adopter, and the rest is history. This time round, GreenPeak has created ultra-low power wireless networking chips for Internet of Things and Smart Home applications.
Draper Esprit, together with co-investors Gimv, Robert Bosch Venture Capital and other shareholders, has agreed to sell its stake in GreenPeak Technologies to Qorvo (Nasdaq: QRVO), a leading provider of core technologies and RF solutions for mobile, infrastructure and defense applications.
Draper Esprit – $4bn+ in M&A and IPO success
This transaction adds to Draper Esprit’s 20+ M&A and IPO successes over the past five years, with combined valuations in excess of $4bn. The London-based firm is one of Europe’s most active venture capital investors.
Draper Esprit’s history with GreenPeak goes back to May 2006 when it co-led a 6.1 million Euro investment in the Dutch early-stage semiconductor company Xanadu Wireless, which merged in 2007 with the Belgian company Ubiwave and subsequently rebranded to GreenPeak Technologies (www.greenpeak.com). The company developed into a leader in RF communication technology for wireless connected home applications. It offers innovative ultra-low power wireless data communication controller chips for Smart Home and Internet of Things applications, such as energy efficiency, lighting, heating control, access control and security, and home healthcare and senior lifestyle monitoring systems.
From WiFi to ZigBee
About 25 years ago, GreenPeak CEO Cees Links and a key group of the current GreenPeak team designed and developed the first wireless networking technology – WiFi. Today, Cees Links and many of the same engineers have developed the next generation, ultra-low power wireless home network – based on the ZigBee/IEEE 802.15.4 wireless communication standard, and also incorporating the Bluetooth Low Energy standard.
From zero to 100 million chips sold
GreenPeak focuses on global markets and distributes its products in the USA, Europe, Asia and Latin-America, to leading OEMs and ODMs for integration with their applications and is collaborating with partners to provide innovative Smart Home solutions. Together with its headquarters in Utrecht (The Netherlands), GreenPeak also has offices in Belgium and Hong Kong.
Starting with its first product shipment in 2010, the company achieved the milestone of 100 million chips shipped during 2015. Today the company ships its chips to leading customers such as Comcast, Time Warner Cable, NTT, Cisco, Samsung, Philips, Bosch and Sony.
Cees Links, CEO GreenPeak, about this transaction: “Just like the use of WiFi started at home and was a real internet milestone, the Internet of Things with ZigBee has started at home as well, enabling the next wave in the technology revolution. With the Internet of Things we can make better decisions faster and by doing so create new wealth, making our lives more secure, more comfortable, while spending less energy. Becoming part of Qorvo will create a context for further growth and expanding our role in the development of the future.”
Richard Marsh, Partner Draper Esprit : “It has been a privilege to work with the team at GreenPeak as their vision became a hugely successful business that has the potential to change our everyday lives. GreenPeak already has its products in tens of millions of homes around the globe, and is at the forefront of one of the most transformative developments we will see over the coming years – the Internet of Things. Europe has an incredible depth of talent in key technology areas that are pivotal to this sector and GreenPeak stands as testimony to that.”
BACKGROUND – APPLE GIVES WIFI ITS BIG BREAK
Cees Link’s account of the first meeting with Steve Jobs:
[VIDEO] Audience whoops and cheers as Steve Jobs demonstrates WiFI to the world with the aid of a hula hoop:
ABOUT DRAPER ESPRIT
More information on Draper Esprit can be found on www.draperesprit.com.
For further information please contact:
Richard Marsh, Partner Draper Esprit
T +44 (0) 7884 440 558 – email@example.com
Simon Cook, Managing Partner, Draper Esprit
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