PassCall Advanced Technologies announces that Infinity, an American-Israeli venture fund, together with the European Holland Venture fund have completed a $5 million investment in PassCall. PassCall Advanced Technologies is the leader in Wireless Internet text and voice browsing applications.
PassCall, a young start-up company founded less than a year ago, has developed a revolutionary technology providing mobile phone users with real Internet access, utilizing existing Internet web sites. Unlike other present technologies which offer limited solutions, PassCall's GateWave(TM) technology enables access to any Internet site, in any language, via any cellular device. Neither modification nor change of regular Internet sites is required, thereby making GateWave one of the first fully commercialized proven technologies of its kind worldwide.
PassCall's valuation is expected to substantially grow in accordance with the booming of Wireless Internet and its value-added services. Several cellular operators, that have commercialized WAP technology, have already purchased PassCall's system. The company is currently negotiating with cellular suppliers worldwide, interested in integrating GateWave technology into their product-offering. Each supplier can create a unique content menu from the vast range of contents available on the Internet, which can then be offered to customers, in any language.
"We are operating in a highly competitive market, but our product is among the few which are actually being used by cellular operators and their subscribers", said PassCall CEO Nicky Pappo. "The investment will mainly be used to substantially strengthening our marketing team, working diligently to spread the word in our designated key target markets worldwide.
"We are very excited regarding our investment in PassCall", said Infinity General Partner Amir Galor. "We have examined a large number of companies and developments since we made the strategic decision to enter the Wireless Internet sector. We have chosen to invest in PassCall because we believe that it will become one of the leading and most prosperous companies in its field."
Infinity is a US-Israeli branch venture fund with $85M, established in 1998 and investing in the telecom, electronics, Internet and medical fields. Infinity partners include K'lal, BNP and ex-"Nitzanim" executives.
Holland Venture-based in Amsterdam-is a European venture capital fund established in 1981 with a strong track record of investing in fast growing ICT companies in Europe and Israel. Recently, Holland Venture has announced its 4th venture capital fund of US $150 million. Main investors in Holland Venture are MeesPierson Bank (member of Fortis Group), ABN Amro, ING Group and several other Dutch pension and insurance funds.
PassCall Advanced Technologies is a leading developer of Wireless Internet text and voice applications that enable Internet access utilizing existing standards. Founded in 1998, PassCall is a privately owned company headquartered in the high tech area of Tirat Hacarmel, Israel.
Published by Israel's Business Arena on January 17, 2000.