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Norwood Systems raises £9.5M in third funding round, led by Deutsche Bank Capital Venture Partners and Cazenove Private Equity
July 22, 2002
RICHMOND-UPON-THAMES, U.K. -- Norwood Systems Limited, the leader in Bluetooth™ enabled voice and data communications, announces that it has raised an additional £9.5 million (€14.8 million) in venture capital funding led by Deutsche Bank Capital Venture Partners and Cazenove Private Equity. Other investors who have backed Norwood Systems in this round include Newport Technology Fund and existing investors Argo Global Capital and Innovacom, along with a number of private investors.This latest round of funding occurs within weeks of Norwood Systems announcing the commercial availability of EnterpriseMobility™, its wireless solution for affordable in-building communication.The capital raised will be used to focus on Norwood Systems’ sales and marketing activities and to support and grow its customer base. The funds will also help the company expand into further geographic markets and develop the product further.“It is an excellent endorsement for the company to be able to raise funds in an environment that analysts generally agree has reflected a difficult economic climate,” said Paul Østergaard, co-founder, CEO and Chairman of Norwood Systems. “We are looking forward to the next stage of our development, the success of which will be accelerated by this tranche of funding.Norwood Systems
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