SWEDEN, August 18, 2000 (PRIMEZONE) -- Xpedio, a Stockholm-based developer of an open-standards based platform for wireless communication, has completed its second round of financing, raising SEK 30 million (USD 3.3 million) with options for an additional SEK 50 million within seven months.
"In our evaluation of potential venture capital partners, both in Sweden and abroad, it was clear that there is tremendous interest in our company and our product," said Gustaf Rosell, managing director of Xpedio. "However, very few of the venture capitalists we met with could meet our demands for 'intelligent capital'. The exception was BrainHeart Capital, which has industrial know-how and a well-established network.
BrainHeart Capital's investment of SEK 26 million (almost USD 3 million) was complemented with smaller investments totalling SEK 4 million from Segulah, Credus, Pomona and Calamus, which contributes broad financial knowledge and an international network. The earlier investors included Pedal Ventures, which was among the founders of Sendit."
"There is a need for software that make it easy to build large-scale wireless information services," explains Ulf Jonstromer, managing director of BrainHeart Capital. "Xpedio is one of the world's few companies that develop this type of communications platform. Investing in Xpedio not only offers great potential in itself but also makes it easier for our other portfolio companies to develop products and services for the mobile market."
"The new capital means that we can continue to focus entirely on development of our product," says Mr. Rosell. "We will establish a market presence, initially in Europe and Latin America and then in the United States."