7/18/2002 - WIDCOMM, Inc., the leading provider of wireless communication software and systems, announced today that it has secured $11.5 million in series C financing. San Diego-based Mission Ventures led the round of funding and its General Partner Leo Spiegel has joined WIDCOMM's Board of Directors. Other new investors include AsiaTech Management from Santa Clara, KDC from Korea, and The Viterbi Group.
WIDCOMM plans to use the funds to accelerate development and growth of its innovative Bluetooth communication software products to meet the increasing demand from its customers, the world's leading OEMs.
"We were especially pleased and appreciative of the unwavering support we have received from all our investors," commented Hiep Pham, CEO of WIDCOMM.
"WIDCOMM's products and expertise will continue to play an important role in making Bluetooth a seamless and pervasive technology."
"WIDCOMM has the key ingredients for success: the finest resources and an excellent management team backed by a top tier customer base" said Leo Spiegel, General Partner at Mission Ventures. "Wireless is an exciting arena for investors and WIDCOMM is a key player in a market that is poised for rapid growth."
Alcatel Ventures, Enterprise Partners, and Sienna Ventures are long-term prior investors in the company who have demonstrated their confidence in WIDCOMM's future by contributing to this new round of funding.
"Our commitment to WIDCOMM and our belief in the Bluetooth market is steadfast," said Dan Skaff, managing partner at Sienna Ventures. "This new round includes investors in key Asian markets, placing WIDCOMM in a lucrative position to meet rising worldwide consumer demand for easy and effective short-range wireless communication."
"We see strong momentum building up in Asia around Bluetooth solutions in PC, PC peripherals, handset, and many other consumer electronic products," said Louie Liu, Partner at AsiaTech Management. We are glad to know that WIDCOMM's connectivity software is the first choice for these product companies."
In addition to its equity investment, KDC will partner with WIDCOMM to further develop the Korean Bluetooth market.
Founded in 1998 in San Diego, WIDCOMM is the leading provider of Bluetooth software, systems, and turnkey designs. WIDCOMM software enables wireless communication technology in the fields of automotive, computing, consumer electronics, semiconductor and telecommunications. WIDCOMM customers and key partners include Wistron Corporation, formerly Acer NeWeb Corporation, Brother, Broadcom, Compaq Corporation, CSR, Infineon Technologies, Murata, OKI, OSK, Philips, Plantronics, Seiko Instruments, TDK, Texas Instruments and more. In June 2002, WIDCOMM's CEO Hiep Pham received the Ernst and Young Entrepreneur of the Year Award. For more information, please visit www.widcomm.com
Bluetooth is a trademark owned by Bluetooth SIG, Inc., U.S.A. and licensed to WIDCOMM. All other trademarks are property of their respective owners.
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