PacketVideo Corp. closed a $16.5 million round of financing, bringing the total equity capital raised to more than $41 million. The company said proceeds will go toward working capital, funding research and developing and supporting additional resources for engineering, sales and marketing.
Motorola Inc. made a minority equity investment in CommLaunch Ventures L.P., a privately held incubator fund based in Jerusalem that focuses on high-growth Internet infrastructure companies developing communications products and technologies. CommLaunch is one of three high-technology incubator funds of Jerusalem Global Innovation Centers. “Jerusalem Global has an excellent track record identifying promising Israeli start-up companies, and we are pleased to invest in the thriving Israel high-technology community,” said Warren Holtsberg, vice president and director of One Motorola Ventures, Motorola’s venture-capital investment division. “This investment will help accelerate our access to new technologies and emerging leaders.”
GeePS.com Inc., a developer of location-based wireless technologies for retailers using Wireless Application Protocol, Palm and global positioning system technology, received $2 million in venture capital from Cupola Investment Ltd. and has a mandate to raise an additional $33 million. GeePS.com also expanded its board of directors to include Frederick Duffner, former senior vice president of customer management at Revlon Inc.; Shahid Quraeshi, former vice president and controller of Melville Corp.; and Leon Podolsky, vice president of software development at Nettech Systems. In addition, James Wells was hired by the company as its vice president of sales. Wells recently served as president of TheSalesChannel.com, developing online data-based marketing for department and apparel speciality stores.
Motorola Inc.’s stockholders approved an increase in the company’s authorized shares of common stock from 1.4 billion to 4.2 billion at its annual meeting, the company said. The previously announced three-for-one stock split in the form of a stock dividend was contingent on approval of the increase in shares.
