Mobile Broadband Technology Vendor Prepares for More Global Deployments as Demand for the IPWireless Solution Accelerates
IPWireless, enabling mobile broadband worldwide, today announced the closing of over $27 million in additional funding from all of its major existing investors as well as an external strategic investor. IPWireless closed on half of the amount immediately and will close on the remaining commitment within 180 days. This round brings the companys funding to over $150 million since its founding in early 1999. IPWireless plans to use this funding to increase sales and marketing activities worldwide, and to support the delivery of a number of expected orders, as well as to continue its leading research and development efforts. Receiving additional funding in a difficult market is not only a significant endorsement of the IPWireless solution, but also validation of the companys business model and experienced executive team.
IPWireless's $27 million funding round places it as one of the largest wireless investments for 2002 to date, said Rajeev Chand, senior wireless analyst, Rutberg & Co. To raise such a sizable round is clearly a significant achievement in the context of todays challenging venture climate. We continue to be bullish on the substantive opportunity offered by mobile broadband.
IPWireless has shown unmatched traction in a highly skeptical marketplace proving not only that our technology works, but that operators can build a strong business case on our technology and that subscribers truly love the service, said Chris Gilbert, chief executive officer of IPWireless. IPWireless continues to pave the way for a new era in mobile broadband computing, providing businesses and consumers with the most cost-effective, convenient and widely available broadband in the world.
Next-Generation Wireless Network Paves the Way for a New Era of Mobile Computing
The IPWireless solution is the first total network solution on the market that complies with the internationally recognized UMTS TD-CDMA (TDD) standard. Available for operation in the 1.9 GHz and 2.5 GHz licensed bands (the UMTS unpaired allocations and the MMDS/MDS bands), the IPWireless product line includes a complete network infrastructure solution, PC cards (PCMCIA), and pocket-sized wireless modems. The IPWireless pocket-sized portable broadband modem allows residential and business customers instantaneous, plug-and-play Internet access. Additionally, the IPWireless non-line-of-sight technology achieves in-building coverage and gives users the complete portability, mobility and freedom of a wireless Internet connection at higher speeds than alternative broadband offerings.
IPWireless, Inc. offers a groundbreaking, global standards-based broadband wireless technology solution that enables service providers to offer true high-speed mobile wireless Internet access to worldwide consumer and business markets. The IPWireless solution is in commercial deployment around the world by operators looking to deliver the most cost-effective, convenient, and widely available broadband that will deliver two-way data transmission speeds of up to 9 Mbps, mobility, affordability, and ubiquity of coverage superior to any broadband alternative including DSL or cable modems. Founded in April 1999, IPWireless is led by a world-class management team of seasoned entrepreneurs and technology and marketing executives from leading mobile and communication companies including Cisco, Lucent, Motorola, and Qualcomm. The company, backed by over $150 million in funding from leading venture capital firms, is headquartered in San Bruno, California, with R&D and sales facilities based in the U.K. For more information about IPWireless, visit the companys Web site at http://www.ipwireless.com.
IPWireless, the IPWireless logo, and IPW are trademarks of IPWireless, Inc. All other brands, products, or service names are or may be trademarks or service marks of their respective owners.
For more information, please contact:
Brodeur Worldwide (for IPWireless)
Guy Douglas / Henny Valder
Tel: +44 1753 44 88 37 / +44 1753 44 88 39
Tel: +44 (0)1666 828753
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