Israeli start-up Mobilitec announced that it had completed a $12.1 million financing round led by US US venture capital fund Canaan Partners, which made its first investment in Mobilitec. Duchossois Technology Partners, which recently invested in Israeli start-up Personeta, also made its first investment in Mobilitec.
Previous investors taking part in the round included AIG Orion and Lucent Venture Partners. Mobilitec said that the current financing round was aimed at expanding its marketing and sales.
Mobilitec develops a platform for transmitting content and management solutions to communications providers. The company’s mPower platform for providing applications to mobile telephones operates on a special global standard, J2ME, developed by Sun Microsystems (Nasdaq: SUNW) for mobile telephones. The platform makes it possible to stream dynamic content on demand to mobile devices.
Founded in March 2000 by Ophir Holder, Yoad Gidron, and VP engineering Haim Teichholtz, Mobilitec currently has 50 employees in Haifa and New York. The company has raised $24.2 million in two rounds to date, including the current round. Its investors include Sun Microsystems, Singapore Telecom, and SingTel Ventures.
On its Internet site, Mobilitec quotes a study by the Strategy Analytics group saying that wireless subscribers are expected to spend $11 billion on downloading applications through wireless networks by 2008.
Published by Globes [online] - www.globes.co.il - on February 7, 2005