Digitalpath Networks closes $5.7 million round and receives a patent for its 'Wireless Internet Access System'

February 1, 2005

2 Min Read

CHICO, Calif. -- Digitalpath Networks, a provider of affordable high-speed internet access, today announced is has closed on a $5.7 million financing round which includes a commitment for $3 million in new funding and a conversion of previously issued notes. The funds will be used to further develop Digitalpath’s wireless broadband technology and support additional growth. Investors in this financing round were Draper Fisher Jurvetson, DFJ Frontier, EarthLink, Inc. (Nasdaq: ELNK), private investors and management. Digitalpath also received a United States patent for its Internet access architecture. On December 14th, 2004, Digitalpath Networks was awarded a patent for its “Wireless Internet Access System”, US patent number 6,831,921. The patent covers all aspects of Digitalpath’s wireless network technology including the network architecture from the customer equipment to access concentrators, network filtering protocols, and use of non-radio tow er structures for delivery of last mile internet access. Currently, Digitalpath offers high-speed wireless broadband service in more than 30 regional markets throughout Northern California and Nevada.

“This investment gives us the capital to continue improving its proprietary technology and provides the foundation for growth through 2005. As we achieve these aims throughout the year, we expect to return to growth.” said President and CEO J. Peter Bardwick. “Obtaining the patent on our core architecture helps cement our lead position in the industry.” Mr. Bardwick was named President & CEO of Digitalpath in November 2004. He was formerly the company’s CFO and had previously been COO of infoUSA.com and CFO of CBS MarketWatch.

“DFJ is pleased to continue its support of Digitalpath,” said Tim Draper, founder and managing director of Draper Fisher Jurvetson. “The company continues to be a leader in rapidly growing broadband wireless and we are extremely pleased by their strong progress though 2004.” Mr. Draper serves on Digitalpath’s board of directors.

Digitalpath Networks Inc.

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