Pinpoint Raises $4M

CARY, N.C. -- Pinpoint Networks, Inc., a leading provider of software and services to global mobile operators, today announced the closing of an additional $4 million in venture funding, from new investor New Enterprise Associates (NEA). This investment brings Pinpoint's total funding to more than $18 million since its founding in 1999. NEA is one of the nation's premiere venture capital firms. With more than 25 years of investing experience and $5 billion in capital under management, NEA consistently ranks among the top venture firms. Since 1978, NEA has invested in more than 500 private companies, 135 of which have gone public, and 150 of which have been successfully acquired. "We are extremely pleased to have NEA's support as we position ourselves for success," said Jud Bowman, president and CEO of Pinpoint. "This is NEA's first software investment ever in North Carolina, and we are excited to have the backing of such an experienced financial partner." Pinpoint will use these additional funds to further strengthen and expand efforts in a number of key areas including: product development, global sales and business development, marketing and account management. Pinpoint Networks Inc.