BitPass Secures Series A Funding; Investment to Support Market Launch and Product Development.Business Editors PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--July 30, 2003 BitPass Inc. today announced that it has secured $1.5 million in Series A funding. Lead investors in the round are Garage Technology Ventures and Cardinal Venture Capital. Additional investors include Amicus AMICUS Automated Management Information Civil Users System Capital and Constantin Partners. BitPass provides a micropayment An electronic commerce transaction of very low value. It may refer to charging just a few cents or even a fraction of a cent for a transaction such as an information lookup. It may also refer to aggregating several small-value purchases and charging a credit card at the end of the day or system for online content. Content providers can start selling their content in less than a day using a self-provisioning, no-charge setup process. After completing a one-time, one-minute setup, buyers can purchase and access BitPass-enabled content with a single-click interface. "BitPass is the most exciting opportunity I've seen since the Macintosh," said Guy Kawasaki, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Garage Technology Ventures. "Since my days at Apple (Nasdaq:AAPL AAPL Apple Computer, Inc. (stock symbol) AAPL American Association of Professional Landmen AAPL American Academy of Psychiatry and the Law AAPL Advance Audiovisual Presentation Limited AAPL Advocates for Arkansas Public Libraries ), I have loved technology that empowers the little guy. BitPass does exactly that. This could create a business model for companies and individuals where there was none before." "Until now there has been no practical way for content providers to offer low-priced music, art, film, documents, pictures, and services for sale over the Internet," said Kurt Huang, CEO of BitPass. "Our system provides a catalyst for providers to increase both the quantity and quality of their content offerings." Garage Technology Ventures and Cardinal Venture Capital will each have representation on the BitPass Board of Directors. BitPass recently launched its public beta and anticipates a full release prior to the end of Q3 2003. About BitPass BitPass provides a micropayment system for online content. Founded in 2002 and funded by Garage Technology Ventures, Cardinal Venture Capital, and Amicus Capital, BitPass is based in Palo Alto, California “Palo Alto” redirects here. For other uses, see Palo Alto (disambiguation). Palo Alto (IPA: /ˌpæloʊˈʔæltoʊ/, from Spanish: palo: "stick" and alto: "high", i.e. . Contact BitPass at www.bitpass.com or call 650-354-1844. All company and product names referenced are the trademarks of their respective owners. |
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