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News
Issue #2002 - 11 (March 2002)
(Updated Mar. 20, 2002)

FUNDING, ACQUISITIONS, MERGERS & AGREEMENTS

Monet Mobile Networks, Resonext, Wayport Secure Millions in Funding Deals

Recent funding announcements from the likes of Monet Mobile Networks, Resonext and Wayport could be a sign that investor confidence in the wireless sector is on the rise.

Monet Mobile Networks Lands $32-Million Investment
Monet Mobile Networks said it has secured $32-million in new funding. Monet came to prominence as last October when it launched the first data-only 3G network in the U.S. The investment was provided by existing investors Mayfield, Soros and Hook, along with LG Electronics, one of the company’s major suppliers, and Qualcomm.

The capital will be used to launch a second network in Fargo and additional networks in North Dakota, South Dakota and Minnesota. The networks will also be upgraded to CDMA 1xEV-DO later this year, promising data rates up to 2.4 mbps.

Resonext Raises $25-Million
Start-up company Resonext Communications, a developer of WLAN semiconductor products, has secured $25-million in its third equity round, bringing the total amount raised to over $53.3-million since its inception two-years ago.

The round was co-led by Invesco Private Capital and WK Technology Fund, along with existing investors Norwest Venture Partners, Bessemer Venture Partners and Oak Investment Partners. The San Jose, California, company said it will use the new infusion of capital to continue to bring current products into production, expand sales and marketing channels, and continue its next-generation of product development.

Wayport Secures $15-Million
The Austin, Texas-based company Wayport Inc., a provider of Wi-Fi services to businesses, has secured $15-million in venture funding. The investors include Invesco Private Capital, Sevin Rosen Funds, New Enterprise Associates, Bank of America Venture Partners, Lucent Venture Partners, Trellis Partners, GC Technology Fund, Sanders Morris Harris and Star Ventures.

The funds will help boost direct sales efforts, roaming partnerships and network expansion activities, the company said.

Notable Mentions: Investments under $10-Million
BroadCloud
, a provider of wireless data solutions for enterprises, carriers and device makers, has secured $8-million in a second round of funding. Backers include Access Ventures Partners, Austin Ventures, and TL Ventures.

Action Engine, developer of software platforms for the mobile workforce, said it has received $5-million from investors OVP Venture Partners and Northwest Venture Associates.

Ember of Boston, MA, has secured $5-million in funding from Polaris Venture Partners. The funds will aid in advancing its embedded wireless communication technology for OEMs.

In a second round of funding, Merrican, of Irvine, CA, has secured $5-million from Tregan Partners, LP and Robert Lopez, the company’s founder. Merricom provides end-to-end network infrastructure deployment for carriers.

For more information: http://www.monetmobile.com http://www.resonext.com

Mobileinfo Comments & Advisory: 

Note: This news release may contain forward-looking statements. Readers should take appropriate caution in developing plans utilizing these products, services and technology architectures.  All trademarks used in this summary are the property of their respective owners.


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