VZW, partners form $1.3B 4G venture fund

Verizon Wireless announced the creation of its 4G Venture Forum designed to bring together “financial investment, product incubation and market validation” for products and services targeting next-generations networks.
Partners in the forum include Alcatel-Lucent Ventures, Charles River Partners, New Venture Partners, North Bridge Venture Partners, Norwest Venture Partners and Redpoint Ventures. Verizon Wireless said forum members have identified $1.3 billion of investments available through the partnership.
“Our initial focus has been to design and build the best 4G wireless network in the nation,”said Roger Gurnani, SVP of product development at Verizon Wireless. “We also recognize a need to infuse developers with the funding that will drive advancements, and we are committed to doing this in a collaborative way. The 4GVF is focused on encouraging innovation and leveraging applications in this new 4G wireless future. The 4GVF will help ensure that we’re not simply building the network and waiting for people to come, but that applications are ready to go when the infrastructure is ready.”
Verizon Wireless added the 4GVF “may support and fund 4G advancements regardless of underlying network technology; funded entities will not be contractually obligated to work with Verizon Wireless and are not precluded from working with other wireless service providers.”