WASHINGTON—InPhonic Inc., Washington, D.C., has raised $19 million in fourth-round venture capital to abet its provision of equipment, software and services that enable corporations, affinity groups and Web-based companies to deliver and access information over mobile phones, two-way pagers and handheld computers.
Established in 1999, InPhonic has a customer list of more than 200 corporations and organizations, including Cisco Systems and the Democratic National Committee.
The company, which said it has “negligible long-term debt and generated operating profits in each of the last three months,” plans to use the new capital to expand its business and acquire technology companies that complement its “existing suite of proprietary products and services.”
To date, InPhonic has raised $40 million in venture capital. Core Capital, which has participated in earlier stages of venture financing for InPhonic, led the latest round, and its managing director, Mark Levine, has joined InPhonic’s board of directors. New investors this round included McAndrews & Forbes, First Analysis, Spring Capital and Wynnefield Capital. All prior investors in InPhonic also participated in the latest financing. These included Sculley Brothers Investments, CMS Financial Services and Mid Atlantic Venture Funds.
“In this economy, InPhonic is very excited not only to have raised new growth capital but also to have realized a sizable increase in the company’s value for current shareholders,” said David Steinberg, founder and chief executive.
“The company’s capacity to provide end-to-end wireless solutions, from device procurement and service selection through data/voice platform integration and hosting, is unparalleled.”
