The wireless industry enjoyed a flood of investment news last week.
Among the announcements:
c Wireless broadband provider TeraGo Networks Inc.
garnered $6.4 million in financing, bringing total investments in it to $34.8
million in the past four years.
c Redline Communications Inc. announced it has
secured $18 million in financing, which it plans to use for international
business development and sales and marketing initiatives including to enhance
research and development and expand customer trials.
c Mobile entertainment
publisher Sorrent raised $20 million in Series C financing led by BA Venture
Partners. Sorrent officials said the money will be used to expand the company’s
global reach and distribution. Sharon Wienbar, a director at BA Venture
Partners, will join Sorrent’s board of directors. In addition, Sorrent signed
the first foreign direct distribution deal with SK Telecom, Korea’s largest
wireless carrier. SK Telecom will distribute Sorrent’s portfolio of Java mobile
entertainment products, launching with four Sorrent sports games.
c British
mobile software company SurfKitchen raised more than $17.5 million in its third
round of funding. A provider of Mobile Dynamic User Experience (DUE) software,
SurfKitchen aims to expand to Asia and the United States with the new capital.
Four venture capitalist firms participated in the most recent round, with Accel
Partners and Scottish Equity Partners leading the investors.
c NetMotion
Wireless Inc. reportedly snagged $3 million in the first part of its Series C
round of funding. The Seattle-based mobile software developer hopes to continue
to raise capital as the funding round continues.
c 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.
c 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.
c 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.
c 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.
c 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.
c 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.
-Colin Gibbs
