NetMotion Pockets $10.8M

NetMotion Wireless secures $10.8M in Series B funding, adding Dolphin Equity Partners and Mitsui & Co. Venture Partners

December 20, 2002

2 Min Read

SEATTLE -- NetMotion Wireless Inc., a leading supplier of software solutions for wireless networks, today announced the second close of its Series B funding, with a total round of $10.8 million. The round sees the addition of two new investors: Dolphin Equity Partners and Mitsui & Co. Venture Partners (MCVP), as well as additional participation by existing investors Northwest Venture Associates and Alexander Hutton Venture Partners. The company will use the new capital to accelerate product development, expand sales and marketing efforts, and fund ongoing business operations. In addition, the company announced the appointments of Dennis O'Connell, Managing Director at Dolphin Equity Partners and Masami (Mark) Kawahara, investment partner at MCVP, to the NetMotion Wireless board of directors. NetMotion Mobility(tm) provides security, reliability and true application session persistence to wireless networks. Using InterNetwork Roaming(tm) technology, NetMotion Mobility was the first wireless solution to provide a continuous and secure connection ensuring data integrity between wired and wireless data networks, from Wi-Fi and CDPD networks to GPRS, 1xRTT, GSM and Bluetooth networks. The company recently announced version 4.0 of NetMotion Mobility, which is also featured on the Companion CD for the new HP iPAQ Pocket PC h5400 series. "NetMotion Wireless continues to be a leader in delivering persistent, secure access to data and applications wherever users roam," said Steve Cullen, CEO of NetMotion Wireless. "The continued confidence of our investors and our partners, and the response we are getting in the marketplace, reinforces our leadership." In conjunction with the funding, two additional directors have joined the NetMotion Wireless board. Dennis O'Connell, Managing Director at Dolphin Equity Partners, joined Dolphin in April 2001. Mr. O'Connell presently serves on the Board of Directors of Netifice Communications, Accelacom and RateIntegration. He has nearly 20 years of operating experience in the communications industry. Prior to joining the Dolphin team, Mr. O'Connell spent three years as the North Region President of XO Communications after spending ten years with AT&T Wireless dating back to its initial launch as McCaw Cellular. Masami (Mark) Kawahara, investment partner at MCVP, has 10 years broad experience in IT industries, including his previous work for Mitsui's global internal information & communication systems and enterprise software businesses. His most recent work has been in the Application Service Provider business for e-mail. Mr. Kawahara was key in establishing the joint venture between Mitsui, Critical Path, NTT Communications and NEC. NetMotion Wireless Inc.

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