SUNNYVALE, Calif.-Several wireless technology companies kicked off last week with financial deals worth millions.
Good Technology Inc., supplier of GoodLink standards-based wireless messaging and corporate data access system, has closed on $45 million in financing, which it plans to use to accelerate its “already rapid” market penetration.
“As Good invests more aggressively in sales and marketing over the coming quarters, we believe enterprise customers will increasingly select GoodLink as they opt for devices based on industry standards from the world’s most trusted IT and wireless equipment providers,” said Gary Hromadko, venture partner at Crosslink Capital, which led the funding round.
Good separately announced GoodLink is now available for wireless devices powered by Microsoft’s Windows Mobile 2003 Software for Pocket PC Phone Edition, including T-Mobile’s Pocket PC Phone Edition.
In addition, wireless data solution provider 724 Solutions said it has arranged a private placement of secured convertible promissory notes worth $8 million with Austin Ventures.
“This financing, when coupled with our existing cash reserves and our drive for profitability in the fourth quarter of 2004, means that 724 Solutions will be very capable of executing on the growth opportunities that we see in the mobile data market,” said John Sims, chief executive officer of 724.
Finally, MobilePro Corp., a wireless technology and broadband Internet services company, said it has obtained $100 million in committed equity capital via a Standby Equity Distribution Agreement (SEDA) with Cornell Capital Partners L.P. “We believe that we now have access to sufficient capital on better terms to build our business into a significantly larger player in the wireless technology and broadband telecommunications arenas,” said Jay Wright, MobilePro’s president and chief executive officer.
