RICHARDSON, Texas–(BUSINESS WIRE)–June 17, 2003–Reaffirming the company’s leading position as a supplier of next-generation wireless networking systems for today’s mobile networks, SpatialWireless announced the closing of $27 million in additional equity financing. VantagePoint Venture Partners led the company’s fourth round of funding with all existing investors — Austin Ventures;Sequoia Capital; Dali, Hook Partners; Genesis Campus and QUALCOMM Incorporated — contributing additional capital.
Having raised a total of $58M in capital investment since 2001, Spatial Wireless will use the proceeds from this new round for further market expansion and building a world-class customer support organization.
“Our ability to attract additional financing from VantagePoint Venture Partners and our current investors is a clear indication of the growing confidence in our space, the quality of customers and merits of our market-leading solutions,” said Spatial Wireless’s CEO, Pardeep Kohli. “Spatial Wireless has experienced tremendous commercial success with tier 1 mobile operators in the U.S. adopting distributed mobile switching as a critical element of their core networks. As we expand into international markets, we are seeing the same commercial and technical fundamentals that have driven U.S. operators also apply to international operators.”
In the past year, Spatial Wireless has commercially deployed its products in multiple networks, domestic and international. In addition to this momentum, the company is actively pursuing strategic partnerships with large infrastructure providers to market and resell Spatial Wireless products.
“As mobile operators look for ways to dramatically reduce their operating and capital expenditures, Spatial Wireless is enabling mobile service providers to immediately improve profitability,” said Eric Ver Ploeg, partner with VantagePoint Venture Partners. “With its strong management and talented staff, proven customer successes and strategic partnerships, Spatial Wireless is well-positioned to lead the wireless market’s wide-scale adoption of distributed mobile switching.”
Spatial Atrium is a distributed architecture call server, media gateway and element management system that supports distributed mobile switching centre solutions as well as network overlay deployments for Gateway MSC and network services solutions. With its broad standards support and 3G foundation, Spatial Atrium evolves seamlessly from 2G to 2.5G to 3G and All-IP with simple software upgrades.
About Spatial Wireless
Spatial Wireless develops and deploys next-generation networking solutions for today’s mobile networks. Using its patented, breakthrough technology, Spatial Wireless dramatically reduces operational expenditures and lowers capital costs for mobile service providers worldwide by making today’s networks more efficient. Spatial Atrium(TM), the company’s flagship product, is a high capacity, distributed architecture core switch for Distributed Mobile Switching Center (MSC), Distributed Gateway MSC and network services overlay solutions. With its commercially proven products, Spatial Wireless has established a new paradigm enabling operators to rethink the way they design and operate their core networks. For more information about Spatial Wireless visit www.spatialwireless.com or call 1-972-437-6250.
About VantagePoint Venture Partners
VantagePoint Venture Partners is one of the nation’s largest venture capital firms, with $2.5 billion in committed capital in four funds. The Firm is an active multi-stage investor, providing funding and resources for all stages of a company’s lifecycle from seed round through late stage and privately negotiated investments in public companies. VantagePoint is based on a full-service Partner-Team approach that provides entrepreneurs with a blend of technology, venture capital, operations, and corporate-finance expertise. As hands-on investors, the Firm is focused on technology investing in communications, semiconductor, software, and related growth industries.
About Austin Ventures
Austin Ventures has been working with talented entrepreneurs to build valuable companies since 1979. With $2.4 billion under management, AV is the most active venture capital firm in Texas, and one of the most established in the nation. With a focus on enterprise software, computer and communications hardware, and business services, Austin Ventures invests at all stages of company development, from $100,000 “planned experiments” to $70 million investments in management buyouts.
About Sequoia Capital
Steve Jobs and Steve Wozniak (Apple Computer), Larry Ellison (Oracle), Sandy Lerner and Len Bozack (Cisco Systems), Jerry Yang and David Filo (Yahoo!) are just a few of the people who have chosen Sequoia Capital to provide their original start-up venture capital financing and more importantly, help turn their ideas into companies. The people backed and supported by Sequoia Capital since 1972 have built companies that now have a combined market value approaching half of a trillion dollars. For further information visit www.sequoiacap.com.
About Dali, Hook Partners
Dali, Hook Partners is a privately held venture capital firm based in Dallas, Texas with offices in Menlo Park, California, that invests in early stage technology companies. Dali, Hook Partners invests in a diversified portfolio of technology related companies with a focus on the communications, semiconductor, and network infrastructure industries. For more information, visit www.dhpartners.com.
About Genesis Campus
Genesis Campus, founded by Wu-Fu Chen and Roman Kikta, is an accelerator and early-stage venture fund headquartered in the Telecom Corridor, Richardson, Texas. Genesis Campus is focused on new telecommunication technologies including their associated systems, networks, components and applications. For further information visit www.genesiscampus.com.
About QUALCOMM Incorporated
QUALCOMM Incorporated (Nasdaq:QCOM) (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company’s CDMA digital technology. QUALCOMM is the pioneer of Code Division Multiple Access (CDMA), the technology of choice for next-generation wireless voice and Internet communications. QUALCOMM Ventures supports QUALCOMM’s mission of enabling and fostering CDMA and wireless internet markets through strategic investments in startup ventures. These strategic investments include companies focusing on wireless communication technologies and products serving consumer, enterprise, and vertical markets worldwide. QUALCOMM has committed $500 million to QUALCOMM Ventures for strategic investments over a period of four years. For further information visit www.qualcomm.com/ventures.
