MILPITAS, Calif., June 8, 2004 (PRIMEZONE) -- Kineto Wireless (www.kinetowireless.com), a key innovator and leading supplier of Mobile over Wireless LAN (MoWLAN) solutions, today announced the closing of their $35 million Series C financing, bringing the total investment in the company to more than $59 million. The round was led by Oak Investment Partners, a multi-stage venture capital firm with a total of $4.2 billion in committed capital and 25 years experience of investment in high growth technology companies. Existing investors including 3i, Mitsui & Co. Venture Partners, SeaPoint Ventures, Storm Ventures, Sutter Hill Ventures and Venrock Associates also participated in the financing round. Kineto will utilize the funds to support the commercial deployment of their award-winning MoWLAN solution by service providers around the world.
"The combination of Voice over IP, the rapid deployment of Wireless LANs and the increasing use of mobile services will cause significant changes within the telecommunications industry over the next few years," said David Walrod, general partner, Oak Investment Partners. "Kineto is the recognized leader behind the convergence of mobile networks and Wireless LANs, and has enormous growth potential from the global deployment of MoWLAN technology."
"Kineto's $35 million funding represents the largest investment in carrier infrastructure over the past twelve months," said Rajeev Chand, senior equity research analyst, Rutberg & Co. "This level of funding is driven by the significant carrier interest, potential user value, and venture capital support in fixed mobile convergence."
Mobile over Wireless LAN (MoWLAN) solutions enable service providers to leverage VoIP and WLANs to deliver high-performance mobile voice and data services indoors at significantly lower cost. By deploying a MoWLAN solution, service providers can allow their subscribers to roam seamlessly between mobile networks and WLANs with a single handset for voice and data services. Now, subscribers can use their mobile as their main phone and enjoy mobile communication everyday everywhere.
"We are very pleased to have a company with Oak's experience join the team to help us lead in the global deployment of MoWLAN technology," said John O'Connell, president and chief executive officer, Kineto Wireless. "The industry specifications for the convergence of mobile and Wireless LAN technology are nearing completion, a pre-requisite for the rapid deployment by service providers around the world."
About Kineto Wireless
Kineto Wireless delivers solutions that enable the convergence of the highest growth areas in communications (mobile, VoIP and WLANs) and create the next big opportunity in wireless. Kineto's Mobile over WLAN (MoWLAN) solution enables service providers to deliver high-performance mobile voice and data services over WLANs located within homes, offices and hot spots at significantly lower cost than existing 2.5 and 3G mobile network technologies. As a result, subscribers can use their mobile phone as their primary, if not only, communications device. As an international company, Kineto Wireless does business with leading service providers, handset suppliers and infrastructure providers worldwide. For more information about Kineto Wireless, please visit www.kinetowireless.com