Innovation Works, a business creation platform focused on establishing the next wave of Chinese high-technology companies founded by Dr. Kai-Fu Lee, has launched and will be funded by $115 million in venture capital. This announcement follows news of Dr. Lee’s resignation as Google Vice President and President of Google Greater China and introduces a new business paradigm into the Chinese start-up environment.
Led by Dr. Lee, Innovation Works will concentrate on Internet, mobile Internet, and cloud computing technology advancements targeted at the Greater China market, and build “dream teams” to collect, analyze, prioritize and execute on the most promising ideas. Innovation Works will accelerate an entrepreneur’s ability to prove ideas, obtain additional external funding, and then spin-off into an independent company.
Innovation Works will be funded with $115 million from an elite group of venture capital groups and investors including Steve Chen (Co-Founder of YouTube), Foxconn Technology Group, Legend Group and New Oriental Education & Technology Group. WI Harper Group is the lead venture capital investor. Read more at http://budurl.com/innow
CALIX ANNOUNCES $100 MILLION IN NEW FINANCING
Calix, the largest communications equipment supplier focused solely on access solutions for broadband service delivery, announced that it has raised $100 million in financing and added three new members to its board of directors. This financing consists of $50 million in equity raised from existing Calix investors and $50 million in debt financing established with Silicon Valley Bank. Calix will use the funds to invest in additional resources necessary to prepare for the company’s continued growth and expansion as well as to capitalize on the growth opportunities afforded by the $7.2 billion U.S Broadband Stimulus program. To assist the company in navigating these opportunities, Calix has added three new directors to its board, Michael Marks of Riverwood Capital, Adam Grosser of Foundation Capital, and Robert Finzi of Sprout Group, whom together bring a wealth of world-class experience across multiple industries and disciplines. Read more at http://budurl.com/calix
AMERICAN TOWER CORPORATION ANNOUNCES COMPLETION OF REDEMPTION OF OUTSTANDING 3.00% CONVERTIBLE NOTES
American Tower Corporation (NYSE: AMT) announced that it has completed its previously announced redemption of the remaining $162.2 million principal amount of its 3.00% convertible notes due August 15, 2012. In accordance with the conversion provisions of the notes and the indenture for the notes, holders of the notes had the right at any time until and including, but not after the close of business on August 26, 2009, to convert their notes into shares of the Company’s Class A common stock at a conversion rate of 48.7805 shares per $1,000 principal amount of notes. Holders of approximately $162.1 million of the notes converted their notes into an aggregate of 7,908,316 shares of the Company’s Class A common stock prior to redemption. In accordance with the redemption provisions of the notes and the indenture for the notes, approximately $0.1 million of the remaining notes were redeemed at a price equal to 101.125% of the principal amount, plus accrued and unpaid interest on the notes up to, but excluding, August 27, 2009. The Company financed the redemption through available cash on hand. Upon completion of this redemption, none of the 3.00% notes remained outstanding. Read more at http://budurl.com/amtwr
BLACK SAND TECHNOLOGIES ANNOUNCES WORLD’S FIRST 3G CMOS RF POWER AMPLIFIER, CLOSES $10M SERIES B FINANCING
Black Sand Technologies, Inc., a fabless semiconductor company specializing in advanced power amplifier technology for wireless applications, announced that it has produced the world’s first 3G CMOS RF Power Amplifier (PA). Black Sand’s proprietary CMOS PA architecture offers a breakthrough in combined performance, cost, battery life, and reliability for mobile devices such as mobile phones and datacards. The company also announced today that it has received US$10 million in its second round of funding. The round was led by Northbridge Venture Partners and joined by Austin Ventures, bringing the total investment in the company to US$18.2 million. Black Sand will use the funding to bring its power amplifiers into mass production and accelerate development of additional products. Read more at http://budurl.com/blksd
IPHONE ADVERTISING NETWORK, GREYSTRIPE, ANNOUNCES $2M INVESTMENT BY GE/NBC UNIVERSAL’S PEACOCK EQUITY FUND
Greystripe, the mobile brand advertising network responsible for over 250 million ad-supported mobile app and game downloads, announced it has secured $2 million in funding from GE/NBCU’s Peacock Equity Fund, capping a $7.5 million Series C funding round. The previously announced $5.5 million of this Series C round was from Disney’s Steamboat Ventures, Incubic Venture Capital, and Monitor Ventures. The funds will be used towards increasing Greystripe’s leadership in mobile rich media advertising formats. Read more at http://budurl.com/greys
KEYON CONTINUES TO IMPROVE ITS BALANCE SHEET WITH NOTE CONVERSION
KeyOn Communications Holdings, Inc. (OTCBB: KEYO), one of the largest providers of wireless broadband, satellite video and voice over Internet protocol (VoIP) services in the United States, announced that the holders of the Company’s subordinated secured notes due August 31, 2009 have elected to convert their notes into shares of the Company’s common stock.
The Company had a series of subordinated secured notes which were issued between July and December 2008. The notes were convertible into shares of the Company’s common stock at any time prior to maturity, which afforded the Company with an opportunity to reduce its outstanding debt and provided the holders of the notes with an additional option of repayment. As of August 31, 2009, the Company has reduced notes payable and interest payable liability by $1,188,042 in exchange for the issuance of 2,376,090 shares of common stock, representing the conversion of all of the Company’s existing notes. These notes will be eliminated from the Company’s current liabilities. Read more at http://budurl.com/keyon
