Kirsten Woodard or Valerie Christopherson
Global Results Communications
kwoodard@globalresultspr.com or
valeriec@globalresultspr.com
(949) 608-0276
For Immediate Release: Feb. 12, 2002
Two years of stealth-mode core development culminate in endorsement by leading wireless VCs
EMERYVILLE, Calif. — February 12, 2002 — WaveMarket, the leader in database technology for mobile location-based applications, today announced that it had received over $8 million in Series A funding. The round was co-led by Nokia Venture Partners and Telecom Italia Mobile. Several prominent wireless and software CEOs/entrepreneurs also participated, including Sanford Robertson founder of Robertson Stephens; Pete Higgins former Group VP and Office of President member at Microsoft; and Keith Grinstein Vice Chairman of Nextel International. As a result of the financing, W. Peter Buhl, Partner at Nokia Venture Partners will join the WaveMarket board of directors.
"We are very excited to have received this strong support from venture organizations associated with global wireless leaders. Telecom Italia Mobile and Nokia Venture Partners brings to us its substantial experience in wireless, as well as contacts and resources in many geographies worldwide, which will help us address this opportunity globally," said Tasso Roumeliotis, co-CEO and Founder of WaveMarket. "This funding in the current economic and telecom climate is a testament to our technology and its benefits to wireless operators.”
W. Peter Buhl, Partner at Nokia Venture Partners, sees a growing opportunity for WaveMarket to be the key player in wireless location-based services. “We examined over 80 companies offering location-based services. We invested in WaveMarket because its unique algorithms solve the complex data processing issues in deploying location applications", he said.