Action Engine closes $15.5M Series C financing, led by Baker Capital and including new investors Cascadia Capital and the Intel Communications Fund

March 17, 2003

1 Min Read

REDMOND, Wash. -- Action Engine today announces it has closed a $15.5 million Series C financing led by Baker Capital. Other new investors in the round include Cascadia Capital LLC and the Intel Communications Fund. All existing preferred investors (OVP Venture Partners, Northwest Venture Associates and Spangler Ventures) also participated. The company, which has 47 employees, has raised a total of $35 million since it was founded in February 2000.“Action Engine delivers key enabling technology for mobile operators launching data services on smart devices, while also giving them the ability to manage the smart devices once they are in the hands of the subscriber,” said P. Kevin Kilroy, Baker Capital.“Action Engine has distinguished itself by demonstrating significant traction with Mobile Network Operators. Our strong industry partnerships, success with key operators and ground breaking technology set the stage for long-term success,” said Craig Eisler, Action Engine’s CEO. “$15.5M in new financing stands out today against a landscape of a significantly reduced number of venture financings and an unprecedented number of venture backed companies being shut down.”The funds are slated for increased sales and marketing efforts in Europe, Asia and the US as well as further development of Action Engine’s Mobile Web Services Platform and Device Management Software platforms. Action Engine products are deployed by existing customers Orange SA (FOREIGN OTC: ORGEF), mmO2 (NYSE: OOM; LSE OOM), and the Company expects to announce a number of new mobile operator customers in the coming months.Action Engine Corp.

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