~ $4.5 million from 3i Group, GIMV, Sum International and NIF Ventures to drive products into the marketplace ~
Wednesday 3rd September, 2003: Intuwave, the mobile software specialist, has announced that it has secured third round funding of $4.5 million (£2.8 million) from its existing investment group of 3i Group, GIMV, Sum International and NIF Ventures.
Intuwave, which is dedicated to helping both organisations and individuals realise the potential of Smartphones, will use the funds for ongoing development of its business but particularly for taking its products to market. Previous rounds of funding have been used predominantly for development of the company’s m NetworkTM wireless middleware platform.
According to Ariel Gorfung, CEO, Intuwave, the funds will support Intuwave through to cash flow break even early in 2004. The company has already increased its revenues from £867,000 in the fiscal year ended 31 March 2002 to £2.56 million in the fiscal year ended 31 March 2003.
“We have recently strengthened our management team with seasoned sales and marketing professionals. We are now well positioned to grow revenues rapidly by being at the centre of the new wave in mobile communications as the power of the Smartphone is unleashed,” Gorfung emphasises.
“In venture finance markets still depressed post the burst of the internet bubble, Intuwave is one of the very few early-stage companies in the UK information and communications technology (ICT) sector that is able to attract new rounds of funding. The additional investment is a major vote of confidence in Intuwave - its people, its products and its vision of the future,” he adds.
3i Director Matthew Mead, added, “We are focussed on backing companies that are positioned right at the centre of powerful industry groupings and that can drive significant new waves of economic growth. Intuwave fits that model exactly. That’s why we are delighted to invest further to enable Intuwave to take its vision to fruition.”
Intuwave has relationships with leading companies as partners and customers. These include: customers including HP, IBM, LogicaCMG, Lotus Software and Symbian. Its management team has occupied senior positions in Compaq; Lotus Development; Magic Software; Psion; Openwave Systems; Flextech and Symbian.
About Intuwave – Making Smartphones Make Sense
Intuwave is a software specialist with a single vision – to help both organisations and individuals realise the potential of Smartphones.
We provide customers - handset manufacturers, mobile network operators, enterprises, system integrators, enterprise application developers and independent software vendors – with a series of innovative products that fully leverage the mobile data value chain.
Our products and services, built on the m-Network platform, are specifically designed for the wireless Smartphone environment. They deliver rapid return on investment through enabling increased market share, margin and operational savings. www.intuwave.com
About Intuwave’s investor group
GIMV - www.gimv.com
Since its incorporation in 1980, GIMV has grown into Belgium's most important venture-capital provider and company builder, as well as a major European and international market player. Both in Belgium and abroad, GIMV invests in information and communication technology, life sciences as well as in growth financing and management buy-outs (MBOs) of companies in more traditional sectors. Today, the net asset value of GIMV amounts to about EUR 839 million. GIMV has been listed on Euronext Brussels since 1997. For more information on GIMV, please go to www.gimv.com
Sum International - www.suminternational.com
Sum International is an investment company with representative offices in Geneva, Switzerland and London. It invests in early-stage technology-based companies with a specific focus on wireless and internet infrastructure technologies. Investments are typically high profile, class-leading companies with a broad potential. The company provides a wealth of business expertise, financial and industry connections.
NIF Ventures - www.nif.co.jp
NIF Ventures is the venture capital arm of the Daiwa Securities Group of Japan, one of the largest investment banking firms in Asia. NIF controls approximately $1.5 billion in venture capital funds, and funded nearly 1,400 companies since its formation in 1982. With offices in Japan, Taiwan, Singapore, and the United States, NIF offers worldwide representation. Its primary investment focus is in the information and communications technology industries.
3i Group – www.3i.com
3i brings capital, knowledge and connections to the creation and development of businesses around the world. It invests in a wide range of opportunities from start-ups to buy-outs and buy-ins, focusing on businesses with high growth potential and strong management.
3i invests in businesses across three continents through local investment teams in Europe, Asia Pacific and the USA. To date, 3i has invested over £15 billion (including co-investment funds).
In the 12 months to 31st March 2003 an average of £3.7 million (including co-investment funds) was invested each working day. 3i’s current portfolio is valued at almost £4 billion.
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