MeshNetworks Raises $26 Million in Equity Financing to Develop Broadband Mobile Wireless Internet Products.Business Editors & High Tech Writers
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 ITT Initial Teacher Training (UK)
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ITT In This Thread (forums) 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 communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. ," said Ophyll D'Costa, managing director of Redwood Ventures, the venture capital affiliate of Comstellar Technologies, Inc. "We are looking for Looking for
In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. 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 See wireless network. 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 wireless communications
System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. system based on ad hoc For this purpose. Meaning "to this" in Latin, it refers to dealing with special situations as they occur rather than functions that are repeated on a regular basis. See ad hoc query and ad hoc mode. Quad-Division Multiple Access (QDMA QDMA Quad-Division Multiple Access
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QDMA Quick Direct Memory Access (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 See wireless broadband. 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 (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. , 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 See peer-to-peer network. , seamlessly delivers broadband IP packet-based information between mobile Internet Refers to gaining access to the Internet using a lightweight, handheld device. See Mobile IP, PDA, smartphone and mobile TV. 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 (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , 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.