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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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