CitiKey Secures $11.5 Million Investment for Aggressive Year 2000 Launch Schedule.Business Editors/Technology Writers CANNES, France--(BUSINESS WIRE)--Feb. 2, 2000 New Funding from Three World-Leading Venture Capital Firms Paves the Way for Continued Success in the Mobile Communications Market Addressing the rapidly expanding market for city-specific information delivered to mobile devices, CitiKey, the world's first company to develop city guide applications for the Wireless Application Protocol (WAP (1) (Wireless Access Point) See access point. (2) (Wireless Application Protocol) A standard for providing cellular phones, pagers and other handheld devices with secure access to e-mail and text-based Web pages. ) platform, today announced a new round of funding which will allow the company to more rapidly deploy its services to European cities. The new $11.5 million investment will enable the CitiKey to continue to develop mobile city guides that can help users access vital, personal, location-specific information, and launch guides in a dozen cities in the coming 12 months. The new funds have been secured from lead investors Crescendo cres·cen·do n. pl. cres·cen·dos or cres·cen·di 1. Abbr. cr. Music a. A gradual increase, especially in the volume or intensity of sound in a passage. b. Ventures, along with Atlas Venture Atlas Venture is an international early-stage venture capital firm that invests in communications, information technology, and life sciences companies. Atlas Venture has investing offices in Boston, London, Munich, and Paris, and its investments are evenly divided between the and Kennet Capital. &uot;The new influx of capital is critical to meeting our aggressive business goals,&uot; said Ziad Ismail, 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 CitiKey. &uot;CitiKey has already experienced huge success providing mobile users precisely the information they need wherever they need it, and our investment partners' support will allow us to expand our offerings world-wide.&uot; The company's venture capital partners are enthusiastic about CitiKey's opportunity in the mobile communications market. &uot;CitiKey is positioned ideally to deliver maximum value and usability How easy something is to use. Both software and Web sites can be tested for usability. Considering how difficult applications are to use and Web sites are to navigate, one would wish that more designers took this seriously. See user interface and usability lab. to a wide range of mobile users,&uot; said Roeland Boonstoppel, general partner, Crescendo Ventures. &uot;Based on the tremendous demand within the marketplace, we expect CitiKey to become the global market leader in this space.&uot; CitiKey's City Guide Service CitiKey's service, which allows users to access vital information no matter where they are, using their WAP-enabled mobile phones or handheld devices (including Palm Pilot and Windows CE (Windows Consumer Electronics) Microsoft's version of Windows for handheld devices and embedded systems that use x86, ARM, MIPS and SHx CPUs. Windows CE .NET superseded Windows CE 3.0. ), is currently available for Stockholm. In addition, today the company announced the availability of its city guide for Cannes, France, at the GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. World Congress, which is being held in Cannes from February 2-5. CitiKey's city guide service, useful for both local residents and visitors, provides features for mobile users including: -- Up-to-date local event information -- find concerts, movie listings, sporting events, art exhibits, etc. -- Commerce capabilities -- users can order tickets online, make reservations, etc. -- Localized Translated into the spoken language of the country. See localization. navigation tools -- the information provided is specific to where a user is at any time and enables them to find the best route -- Community building -- users can access and input ratings and feedback on individual restaurants, theatres, hotels, etc. -- Personalization Custom tailoring information to the individual. On the Web, personalization means returning a page that has been customized for the user, taking into consideration that person's habits and preferences. services -- users can create lists of favorite restaurants or types of events, or find out if their flight is delayed at the airport About CitiKey Headquartered in Stockholm and London, CitiKey developed the world's first mobile city guide that allows customers to access digital maps, restaurant reviews, cinema listings, sports and other events via their handheld devices and wireless application protocol (WAP) enabled mobile phones. CitiKey is privately held and has a strategic relationship with Ericsson. Additional information about CitiKey and its services can be found at www.citikey.com. About Crescendo Ventures Crescendo Ventures is an international venture capital group with offices 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. , Minn, and London. Crescendo Ventures has $500 million of funds under management and focuses on early-stage investments in communications and eBusiness sectors. Since inception, Crescendo has backed more 110 technology companies. For additional information, please visit www.crescendoventures.com. About Atlas Venture Atlas Venture is an international Venture Capital partnership with offices in London, Paris, Munich, Amsterdam, Boston and Menlo Park Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. . Atlas Atlas, in Greek mythology Atlas (ăt`ləs), in Greek mythology, a Titan; son of Iapetus and Clymene and the brother of Prometheus. provides finance to fast-growth high-technology businesses that seek success in the global economy. Current areas of investment encompass business-to-business and business-to-consumer e-commerce, Internet software and services, communications, semiconductors, e-health, biopharmaceuticals and medical devices. The Atlas investment team of 23 combines financial, operational and technical skills provided by seasoned venture capitalists Venture Capitalist An investor who provides capital to either start-up ventures or support small companies who wish to expand but do not have access to public funding. Notes: Venture capitalists usually expect higher returns for the additional risks taken. , former operating executives in venture-backed companies, and technology specialists. Since its foundation in 1980, Atlas has invested in more than 240 companies. It currently has committed capital of $1.5 billion. Additional information about Atlas Venture can be found at www.atlasventure.com. About Kennet Capital Kennet Capital is a joint venture between Broadview International, a leading global investment bank focused on the IT, Communications and Media industries, and Electra Managers Ltd., and international private equity group. Kennet's $80 million venture capital fund invests exclusively in European Information and Communications Technology Noun 1. communications technology - the activity of designing and constructing and maintaining communication systems engineering, technology - the practical application of science to commerce or industry companies. Kennet invests across Europe and aims to invest between $2 million and $7 million in each of its portfolio companies. |
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