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It’s already been a hectic week for investment in the wireless arena, with several companies scoring millions of dollars in venture-capital funding. Some of the more significant announcements since Monday:
- Wireless local area network switch start-up Aruba Wireless Networks secured $27 million in financing as well as $15 million in “debt and working capital.” Aruba, which has recently signed agreements with customers such as Hewlett-Packard Co., said it needs the money to rapidly add sales and support staff. With the latest infusion, the California-based company has scored $59 million in total venture capital since it was founded in April 2002.
- Airespace Inc., another California-based wireless LAN switch start-up, scored $20 million in mezzanine funding from investors including Fidelity Ventures, Batter Ventures, Norwest Venture Partners, Storm Ventures, Hotung Capital and KTB Ventures. The latest round, which brings the total investment in Airespace to $58 million, will be used for market expansion and to accelerate the “march to cash-flow profitability,” according to Airespace.
- Airborne Entertainment Inc. snagged $22 million in its latest round of funding, led by Insight Venture Partners. The Montreal-based publisher of mobile entertainment content will use the investment to step up expansion of new product lines and services, support the rollout of international distribution and accelerate strategic acquisitions.
- PointShot Wireless, an Internet provider for rail lines, secured additional financing from investors Axis Capital, GTI Capital and Venture Coaches. The latest round follows on the heels of an earlier $1 million round for the Canadian company.
- HLT increased its stake in Telcogames, acquiring 51 percent of the British mobile-game publisher and distributor. The year-old company, which distributes more than 600 games to 20 countries around the world, said the investment will allow it to continue to expand with the wireless game market.
- Game Trust, a platform developer for premium and tournament game play, closed a $1.5 million Series A warrant financing round and named Scott Cohen as president. With the new funding, the New York-based company hopes to hire new personnel and expand the number of video game developers with which it works.
