Bitfone Secures Venture Capital Funding from KTB Ventures; Total Funding Surpasses $32.5 Million.Business Editors/High-Tech Writers LAGUNA NIGUEL, Calif.--(BUSINESS WIRE)--June 9, 2003 Bitfone Corp. (www.bitfone.com), a leader in over-the-air (OTA (Over The Air) Refers to any wireless system such as AM/FM radio and network television that uses open space as its transmission medium. ) firmware update technology for mobile phones, today announced that it has secured funding from KTB KTB Keep Texas Beautiful (Austin, TX) KTB Korea Treasury Bond KTB Kick the Bucket KTB Kenyan Top Bar (beehives) KTB Keppel Tatlee Bank Ltd (commercial bank in Singapore) Ventures, bringing the company's total investment to more than $32.5 million. KTB is the largest private equity firm with headquarters in Korea, whose shareholders and limited partners include the leading handset manufacturers and wireless carriers in Korea. "KTB's investment is a terrific win for Bitfone and will strengthen our presence in the Asia marketplace," said Gene Wang, chairman and 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. , Bitfone. "With such outstanding investment partners from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe and Asia, we are well-equipped to execute on our global go-to-market strategy." "Handset manufacturers and wireless operators in Asia should find tremendous rewards in OTA update solutions," said Sung Yoon, managing partner, KTB Ventures. "We are excited about Bitfone's compelling value proposition for the global wireless industry." Bitfone's market-leading mProve is the first product to update a wireless phone's entire firmware image over-the-air, with 100 percent fault tolerance See fault tolerant. (architecture) fault tolerance - 1. The ability of a system or component to continue normal operation despite the presence of hardware or software faults. This often involves some degree of redundancy. 2. . With mProve, manufacturers and carriers can eliminate product recalls, phone replacements and retail center servicing to update the phone's embedded operating system An operating system used in special-purpose applications (embedded systems). Embedded operating systems are typically very compact and often designed for real time operations. See embedded Linux, QNX, OS-9, Windows XP Embedded, Windows CE, VxWorks and Symbian OS. , resulting in significant cost savings and accelerated time to market. About KTB Ventures KTB Ventures is the United States operation of KTBnetwork, based in Seoul, Korea. Since its establishment in 1981, KTBnetwork has been the Korean leader in venture capital, private equity and corporate restructuring transactions. KTB Ventures is located in 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., and focuses on U.S. companies developing leading technologies with the potential for significant global impact. More information at www.ktbvc.com. About Bitfone Corp. Bitfone Corp. provides innovative software solutions for mobile device management. Bitfone's mProve(TM) is the wireless industry's leading technology that updates a mobile phone's core embedded operating system over the air, in a secure and fault-tolerant manner. mProve offers wireless manufacturers and carriers significant cost savings in the areas of warranty, recall and customer service, and expedites the time to market for mobile phones. Bitfone is a global company with headquarters in Laguna Niguel, with offices in Finland, Japan and Korea. Bitfone's investors include Nokia Venture Partners, St. Paul Venture Capital, 3i, Nexit Ventures, Orange Ventures, KTB Ventures and CIR (Committed Information Rate) In a frame relay network, the average transmission rate in bits per second (typically Kbps) for a virtual circuit. It defines the maximum rate that the network can handle under normal conditions. Ventures. For more information, visit www.bitfone.com. |
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