Mobilian Corporation today announced that it had received an additional $8 million from three new investors in its Series C financing round. Morgan Stanley Technology Ventures, Amerindo Investment Advisors, and Mitsui Comtek, a high-tech joint venture subsidiary of Mitsui & Co USA and its Japanese parent company Mitsui & Co, join previous investors in the Series C equity financing round. Mobilian has raised more than $68 million since its formation in February of 1999.
New investors JAFCO America Ventures and Dell Ventures co-led the round previously announced in May, with significant new investments from Vitesse Ventures and Silicon Valley Bank Ventures. Additional equity was raised from previous investors including Raza Venture Management, Bessemer Venture Partners, SBV Ventures, Euro-America Fund, and Siparex Group. Mobilian said the round of funding would help support Mobilian's rapid growth and accelerate the development and deployment of its multi-standard wireless networking products.
Morgan Stanley Technology Ventures vice president Mathew Hein said, “The goal of Morgan Stanley is to invest in companies with strong management teams and differentiated technologies that will enable them to become leaders in important new markets. Our investment in Mobilian demonstrates our belief in the Mobilian team, TrueConnectivity strategy, unique wireless technology and ability to execute.”
Mobilian founder and CEO Manpreet Khaira said, “With the addition of the follow-on funding, we're confident that we have more than enough financial capital to bring TrueRadio, the industry's first integrated, two-chip solution delivering simultaneous operation of Bluetooth and Wi-Fi (IEEE 802.11b) to market at competitive prices.”
Mobilian is a wireless systems company that designs and develops integrated circuits and software. The company has a research center in Israel that employs approximately 60 workers.
Published by Israel's Business Arena on 9 July, 2001