M7 Networks, provider of enhanced data services for wireless carriers, has received $3M in Series C funding

January 21, 2004

2 Min Read

LA JOLLA, Calif. -- M7 Networks Inc., a leading trusted provider and enabler of enhanced data services for wireless carriers, technology providers and content owners, today announced that it has raised $3 million in its Series C financing round. Enterprise Partners Venture Capital, the largest venture capital firm in Southern California, led the round and was joined by Sienna Ventures and other strategic investors.

"We firmly believe that 2004 is going to be a break out year in the U.S. for wireless data services," said William Erickson, President and CEO of M7 Networks. "M7, with the support of its investors, partners and customers, has taken a leadership role in providing enhanced data services linking wireless carriers, technology providers, and the content community. This additional capital will accelerate expansion of our current services as well as support our investment in future solutions which our customers are demanding."

"We believe the rapid adoption of next generation handsets coupled with the carriers' need to grow data revenues enables the markets addressed by M7 Networks," stated Carl Eibl, Managing Director at Enterprise Partners Venture Capital. "M7 is uniquely positioned to deliver advanced data services bridging wireless carriers and the content community. This market opportunity fits well with Enterprise Partners' investment strategy and portfolio of cutting-edge technology firms."

At the 2004 Consumer Electronics Show, M7 Networks and Sprint PCS announced the launch of The Game Lobby -- a nationwide, virtual mobile community for gamers to meet, to rate and review games, and to challenge each other. The Game Lobby will be offered as a free service to Sprint PCS subscribers who purchase one of the games available on The Game Lobby. Sprint selected M7 Networks as its partner to design, develop and provide on- going management and operation of The Game Lobby. M7 Networks worked with Sprint and several of Sprint's leading game publisher partners, including Mobliss, Sorrent and Mforma, to tailor the service.

"Our initiative with Sprint is very exciting and is a showcase for our carrier-class services," said Erickson. "There will be other major carrier partners announcements in the first quarter of 2004 whereby M7 Networks will provide strategically important services to carriers that drive mobile data usage and enhance application functionality."

M7 Networks Inc.

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