Venture capital financing wrap-up: Broadsoft, MuseStorm, Skyhook and more
July 18 2007 - 12:19 pm ET | Kristen Beckman |
The following list includes venture capital and other investments into wireless companies announced during the past week. The value of the investment is included when available.
--Apparent: Bain Capital Ventures and JMI Equity led a $13.6 million Series B financing round into Apparent Networks Inc., which provides network-performance diagnostic solutions. Existing investors Business Development Bank of Canada and Aden Investments also participated. The company plans to use the funding to expand its sales and marketing, business development and research and development initiatives. Ben Nye, managing director at Bain Capital and Bradford Woloson, general partner at JMI, will join the company’s board of directors as part of the financing.
--Broadsoft: Meritech Capital Partners invested $10 million in mezzanine equity financing into BroadSoft Inc., which provides VoIP application software. BroadSoft said it will use the funding for corporate purposes and international expansion.
--InGrid: Armstrong Group and Associated Partners led a $13.5 million private capital investment into InGrid Inc. Existing investors Centerpoint Ventures, Novak Biddle Venture Partners, PA Early Stage Partners and ZG Ventures also participated in the round. Armstrong Group’s CEO Kirby Campbell joins InGrid’s board of directors in connection with the funding. InGrid provides wireless home security products.
--Kirusa: Helion Venture Partners and Nexus India Capital led a $10 million Series C funding round into Kirusa, a mobile value-added services provider. Ashish Gupta of Helion and Naren Gupta of Nexus join Kirusa’s board of directors as part of the financing.
--MuseStorm: Elron Electronic Industries Ltd. completed a $1 million investment into MuseStorm Ltd., an Israeli company that is developing technology for content distribution over the Internet. Elron holds nearly one-quarter of MuseStorm’s outstanding shares following the investment.
--NextHop: New Enterprise Associates, Duchossois Technology Partners, Labrador Ventures and Parker Price Venture Capital invested $4 million into NextHop Technologies Inc. The company, which provides enterprise mobility and networking solutions, said the Series D financing brings the company’s total funding to $45.8 million. NextHop said it will use the funds to accelerate product development.
--Obopay: Richmond Global Cellular led a $29 million round of funding into mobile payment company Obopay Inc. The company’s third round of venture funding also included participation from existing investors Qualcomm and Redpoint Ventures and new investors AllianceBernstein L.P., Citi and Societe Generale.
--Skyhook: RRE Ventures led an $8.5 million round of financing into Skyhook Wireless, which provides a Wi-Fi positioning solution. Existing investors Bain Capital, Intel Capital and CommonAngels also participated. Will Porteous if RRE will join the company’s board of directors. The new capital will be used to expand Skyhook’s coverage in Europe and Asia.
--Valens: Genesis Partners led a $7 million Series A round of equity financing into Valens Semiconductor Ltd., which has developed a chip that enables high-quality transmission of audio and video in a home networking environment. Magma Venture Partners also participated in the round. Eyal Kishon of Genesis Partners and Eitan Dekel of Magma will join the company’s board of directors. The funding will be used to accelerate product development.
--VirtualLogix: Esprit Capital Partners led a $16 million Series B financing round into VirtualLogix. New investor Intel Capital and existing investors Atlas Venture and Index Ventures also contributed to the round. The funding will be used to accelerate the company’s global growth strategy and develop the next generation of its real-time virtualization software solutions. Tom Bradley of Esprit Capital joins the VirtualLogix board of directors as part of the financing.








