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O’Melveny Represents Eridan Communications, Inc. in US$46 Million Series B Funding

May 16, 2022

FOR IMMEDIATE RELEASE

SILICON VALLEY—May 16, 2022—O’Melveny represented Eridan Communications, Inc., a 5G radio manufacturer that specializes in wireless connectivity infrastructure development, in its US$46 million Series B funding round.

The funding round was announced on May 12 and led by Capricorn’s Technology Impact Fund and Monta Vista Capital, along with Social Capital, Diamond Edge Ventures, and Pilot Grove Management.

Based in Mountain View, California, Eridan is reimagining the world of wireless transmission by enabling fast, reliable, and affordable connectivity across the globe. With 28 U.S. patents issued and pending, Eridan is the first and only company to build a direct polar transmitter in gallium nitride and silicon.

The O’Melveny team advising Eridan was led by partner Warren Lazarow, counsel Melissa Wright, and associate Amanda Estep.

About O’Melveny

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Contact:

Brandon Jacobsen
O’Melveny & Myers LLP
+1 213 430 8024
bjacobsen@omm.com

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Eridan issued the following announcement:

Eridan Raises $46M to Accelerate Global Connectivity

Mountain View, Calif. (May 12, 2022) – At Eridan we are announcing today that we’ve raised $46 million in financing for further development and production of our MIRACLE RF Front End Module. We’re using the money to enable improved connectivity for more people, using less energy, less expensive infrastructure, and less spectrum. Our latest funding was led by Capricorn’s Technology Impact Fund and Monta Vista Capital with additional participation from Social Capital, Diamond Edge Ventures and Pilot Grove Management. It’s a fantastic team, and we couldn’t be more excited and grateful for their support.

Today’s wireless connectivity infrastructure consumes 2.3% of the world’s electricity. Expanding access to broadband connectivity by replacing today’s 4G networks with 5G will require 9x more power, and genuinely universal 5G connectivity will consume as much as 48x more electricity – a prohibitively expensive, environmentally unsound, and economically infeasible number.

We shouldn’t have to choose between affordable, universal connectivity, and a planet that’s fit for human habitation, and with the power savings our MIRACLE module provides, we won’t have to any more.

“Accessible, efficient and reliable wireless connectivity is critical to our future economic, environment and social well being. Achieving that reality, however, is impossible without a major technology breakthrough to reduce the spectrum and power needed. That’s how Eridan will provide improved and expanded connectivity for everyone, everywhere, using a fraction of the power.”

Doug Kirkpatrick, Eridan CEO and Co-founder

We are the first and only company to build a direct polar transmitter in gallium nitride and silicon, which provides multiple advantages over current solutions based on linear amplifiers, including:

• 10x less input power to provide the same coverage

• 60-100x reduction in power consumption in sparsely-populated areas, due to improved spatial efficiency

• Equipment that’s smaller, lighter, and less expensive to install, and doesn’t require specialized power sources or heavy heat sinks

“The work Eridan is doing represents the biggest cellular technology innovation in the last 20 years. Their modules have the potential to expand connectivity on a mass scale without the unsustainable power requirements that previously made it impossible.”

Dipender Saluja, Managing Partner of Capricorn’s Technology Impact Fund

In our initial stages of deployment (late 2023) our MIRACLE RF Front End Module will be used by telecom equipment manufacturers building small cells and Massive MIMO systems for urban and suburban locations. Our module, which is about the size of a paperback book, sits between the modem and the antenna, and will be available with OpenRAN standard interfaces.

“Affordable and equitable connectivity is one of the major unsolved problems that many companies have tried and failed to address. We’ve partnered with Eridan because their product attacks the core of the issue, the efficient use of frequency with an order of magnitude lower power and lower cost.”

Jay Zaveri, Partner at Social Capital

Our ambitions don’t stop there. We’ve created a fundamental breakthrough in how RF signals are generated at power, and as we shrink the cost and size of our module, we’ll eventually be able to put an Eridan radio in every wireless device in the world.

Our investors signed on because of the deep need for more efficient radios in our first cellular infrastructure market, combined with the breadth of our vision to transform the wireless industry top to bottom.

“Eridan’s uniquely power-efficient transceivers mean that as we expand the reach and capacity of the wireless networks we depend on, we can do so sustainably. We’re pleased to support Eridan’s commercialization of their innovations in Gallium Nitride.”

Patrick Suel, President at Diamond Edge Ventures

We are going to use our new funding to advance the commercialization of our modules. That means we’re hiring for all sorts of positions, from hardware and software engineering through to production, marketing and finance. We have open positions in both California and Croatia – visit eridan.io/careers if you’re interested in joining our team!

“We were impressed by the Eridan team’s deep technical expertise and the breadth of their vision to transform wireless connectivity. What Eridan has delivered has been the holy grail of wireless transmission for decades. We are thrilled to be part of this journey to revolutionize the economics of the cellular industry.”

Venktesh Shukla, Founder and Managing Partner at Monta Vista Capital

It’s been a long journey to get to this stage in our development, and a tough one at times. One of the most difficult parts of our progress was losing our co-founder, Earl McCune, in May of 2020. We’re tremendously excited that this milestone further validates his vision for the potential of polar transmitters to transform how RF signals are generated, and decouple the linear relationship between data sent wirelessly and power consumed.

Our MIRACLE RF Front End Module is currently available for laboratory evaluation in limited quantities. Customers can register for the waitlist at: https://eridan.io/order-a-devkit/. To learn more about us, visit https://eridan.io/. A list of open positions can be found here.