Summit Wireless Secures $1.7M Funding; Initiates Expense and Salary Cuts

Summit Wireless Technologies raised $1.7 million in a private placement of a secured convertible security in March, said CEO Brett Moyer Thursday. The company is continuing to evaluate additional funding options, including financial alternatives, investment options with partners and COVID-19 government loans, Moyer said. Summit hasn't had “major impact” to project timelines or securing retail placement of customers’ products beyond four to eight weeks, but it initiated expense and temporary salary reductions expected to result in savings of up to $1 million in Q2 vs. Q4, said the executive.