MeshNetworks Raises $26 Million in Equity Financing to Develop Broadband Mobile Wireless Internet Products.
ORLANDO, Fla.--(BUSINESS WIRE)--Nov. 15, 2000
MeshNetworks, Inc., the leading developer of broadband mobile wireless Internet technology, today announced it has raised $26 million in its second round of financing from a list of top tier investors and strategic partners, bringing the total raised from private investors since the company's inception in February 2000 to over $27 million.
MeshNetworks' second round of financing was led by Redwood Ventures. Additional investors include ITT Industries, Inc. (www.ittind.com), BancBoston Ventures (www.bancboscap.com), Patricof & Co. Ventures, Inc. (www.patricof.com) and 3Com Ventures (www.3com.com), among others.
"Redwood Ventures focuses on early-stage investments in companies developing innovative and disruptive `next generation' technologies for the communications industry," said Ophyll D'Costa, managing director of Redwood Ventures, the venture capital affiliate of Comstellar Technologies, Inc. "We are looking for companies on the cutting edge and this technology has the potential to bring incredible mobility and stability to personal communications."
"We're always looking for new communications technologies," said Anik Bose, vice president of 3Com Ventures. "This one has enormous potential. IP-based broadband mobile wireless technologies will solve a lot of problems with traditional wireless networking systems and will tremendously reduce the cost of networking, giving more people access to the technology."
Essentially, this technology allows mobile devices, such as cell phones and PDAs, to network through each other in addition to cell towers so that the devices become part of the network. MeshNetworks achieves this through a next generation wireless communications system based on ad hoc Quad-Division Multiple Access (QDMA(TM)) that provides multimedia services (voice, data, video and accurate location determination) to mobile personal Internet devices. MeshNetworks' signature products are patented, IP-based software and a high-performance wireless chip set that will be marketed by the company to device manufacturers.
"Patricof evaluates technology companies worldwide, and we believe MeshNetworks has one of the most exciting disruptive technologies in the wireless sector," said George Phipps, general partner, Patricof & Co. Ventures, Inc., a leading, global private-equity investment firm. "MeshNetworks' experienced management team and strong business plan, combined with state of the art technology, positions the company to help create the next generation, broadband wireless Internet."
MeshNetworks will use this funding to support a number of strategic growth and product development initiatives designed to enhance the company's position as a major player in the next generation, IP-based broadband wireless communications market.
"The strategic alliance will ensure the continued development and delivery of many affordable, scalable and robust broadband wireless products and applications. In addition, it will add remarkable value to our business partners' products," said Masood Garahi, chairman and CEO, MeshNetworks. "This will give many more people access to less expensive and more reliable IP-based wireless networks."
About MeshNetworks, Inc.
MeshNetworks (www.meshnetworks.com) was founded by Milcom Technologies to commercialize wireless technology developed for the Department of Defense. The blend of radio and software technology, known as ad hoc peer-to-peer networking, seamlessly delivers broadband IP packet-based information between mobile Internet appliances. MeshNetworks' vision is that the traditional wireless system will not be able to sufficiently support its content and peer-to-peer networking will become the new standard of broadband mobile wireless communication. The company is located in Maitland, Fla.
About Comstellar Technologies, Inc. and Redwood Ventures
Comstellar Technologies, Inc. (www.comstellar.com) is the premier organization for architecting innovative companies that will develop core disruptive technologies to dramatically improve the capabilities of the communications network and drive the next generation of communications. Its founders have a proven record of leadership and expertise in the communications industry at companies such as Telcordia, IBM, Sun, StratumOne, Cerent and Siara. Redwood Ventures (www.redwoodvp.com), the venture capital affiliate of Comstellar Technologies, is a separate fund financing the broader universe of communications companies developing innovative and emerging technologies. The current fund is incorporated as Redwood Ventures IV, LP.