Provider of high performance radio frequency (RF) and microwave integrated circuits (ICs) for wireless applications, Guerrila RF has announced the closing of a $3.8m Series E funding round with participation from multiple angel investors. The $3.8m funding is composed of a combination of equity and debt.
Guerrilla RF expects to at least double 2018 revenue over 2017 revenues. The company expects to employ 25 associates by the end of 2018 with 21 employees currently.
“This year is off to a very fast start for us,” said Ryan Pratt, Founder and CEO at Guerrilla RF.
“With multiple customer production ramps underway, it was clear we needed additional working capital. This Series E funding round gives us the working capital that we anticipate needing, with quite a lot of margin on top for any upside business. Based on the revenue growth we see, we believe we’re in striking distance of profitability for the first time.”
According to Research and Markets, the overall wireless network infrastructure market will see tremendous growth over the coming years.
Growing at a compound annual growth rate of over 5%, the market will account for over $104bn in annual spending by the end of 2020.