IPWireless secures over $27 million in additional funding - Financial - Brief Article

Mobile Internet, The, Jan, 2003

IPWireless announced it had secured over $27 million in additional funding from all of its major existing investors as well as an external strategic investor. IPWireless closed on half of the amount immediately and will close on the remaining commitment within 180 days. This round of funding brings the company's invested capital to over $150 million since its founding in early 1999. IPWireless plans to use this funding to increase sales and marketing activities worldwide, and to support the delivery of a number of expected orders, as well as to continue its leading research and development efforts. Receiving additional funding in a difficult market is not only a significant endorsement of the IPWireless solution, but also validation of the company's business model and experienced executive team.

The IPWireless solution is the first total network solution on the market that complies with the internationally recognized UMIS TD-CDMA (TDD) standard. Available for operation in the 1.9-GHz and 2.5-GHz licensed bands (the UMTS unpaired allocations and the MMDS/MDS bands), the IPWireless product line includes a complete network infrastructure solution, PC cards (PCMCIA), and pocket-sized wireless modems.

The IPWireless modem and cards allow residential and business customers instantaneous, "plug-and-play" Internet access. Additionally, the IPWireless non-line-of-sight technology achieves in-building coverage and gives users the complete portability, mobility and freedom of a wireless Internet connection at higher speeds than alternative broadband offerings.