Acquisition by Sigma Designs Inc.
Carmel’s involvement in CopperGate began in November 2005 when Carmel led a Series C round of funding, joined by the Company's existing investors. The investment in CopparGate was led by Ori Bendori, who became an active Board Member of the company and worked closely with CopperGate’s founders and management team. Shlomo Dovrat has also served as a member of the Board of Directors of the Company.
Carmel identified an outstanding entrepreneurial team and a unique technology that was well poised to deliver a paradigm shift in the area of Digital Home. CopperGate grew from $1 million in revenues, at the time of investment, to tens of millions of dollars in revenues within four years and has been highly profitable for the last two years.
CopperGate HomePNA chips are used in digital devices deployed worldwide in home entertainment networks and IPTV solutions, converting existing home wiring into high bandwith home network. They are deployed by more than 40 telecommunications, cable, and satellite companies as key components of their home entertainment offerings to consumers. The chips provide high-speed, low-cost, triple-play (voice, data, and video) options for use with existing coax and phone wiring inside homes. AT&T is a major customer of CopperGate, with its U-verse products providing a new entertainment experience with an innovative, IP-based portfolio of services.
Carmel’s Partners, Ori and Shlomo, worked closely with the Company’s management team and were prominent in solidifying the Company growth strategy, introduction to customers, recruitment of executives and the exit management.
In October 2009, Sigma Designs acquired CopperGate in a cash and stock transaction with a total value of approximately $180.5 million