Investors continued to show their faith in wireless this week as three mobile technology companies announced successful funding rounds.
Over-the-air (OTA) firmware developer Red Bend Software secured $10 million in Series D financing led by Greylock Partners, which joined seed investor Carmel Ventures in the round. Pitango Venture Capital, Poalim Ventures and Infinity also participated, helping the company accumulate $23 million in venture financing since 2000.
Red Bend said it will use the capital to expand sales and marketing initiatives and accelerate development of its OTA products.
In other funding news this week, Dust Networks wrapped up a $22 million round of Series B equity funding led by Crescendo Ventures, with Cargill Ventures, Foundation Capital and Institutional Ventures Partners joining the round. A provider of low-power wireless mesh-networking systems to enterprises, Dust Networks has raised $30 million to date.
In addition, Numerex Corp. announced that it has completed a second round of financing consisting of a $1.5 million secured convertible term note with Laurus Master Fund Ltd. The term note, which bears a fixed interest rate of 8 percent, is convertible into shares of Numerex common stock at a conversion price of $5.31 per share. The company also issued a warrant to Laurus to purchase a total of 100,000 Numerex shares that may be exercised on a cashless basis with an average exercise price of $5.62.
