MILPITAS, Calif.-Kineto Wireless, supplier of mobile over wireless local area network solutions, closed its $35 million Series C round of financing, bringing total investments in the company to more than $59 million.
“The combination of Voice over IP, the rapid deployment of wireless LANs and the increasing use of mobile services will cause significant changes within the telecommunications industry over the next few years,” said David Walrod, general partner at Oak Investment Partners, which led the funding round. “Kineto is the recognized leader behind the convergence of mobile network and wireless LANs and has enormous growth potential from the global deployment of MoWLAN technology.”
In addition to Oak Investment Partners, existing investors including 3i, Mitsui & Co. Venture Partners, SeaPoint Ventures, Storm Ventures, Sutter Hill Ventures and Venrock Associates also participated in the funding round. Kineto plans to use the funding to support the commercial deployment of its MoWLAN solution by service providers around the globe.
The company also announced Kurt Hellstrom, formerly president and chief executive officer of Ericsson, has joined the company’s board of directors. “The concept of turning wireless LANs into seamless extensions of mobile networks represents a natural next step in the evolution of the wireless industry,” said Hellstrom.
