NetSanity snags $20 million in funding
NetSanity, which provides software for wireless telecommunications, receives $20 million in its third round of funding, from sources including the Intel 64 Fund.
The Intel 64 Fund is a quarter billion dollar equity fund that invests in emerging technologies and is coordinated by Intel along with other companies such as Compaq, Dell and Hewlett Packard.
NetSanity's technology allows wireless carriers to manage and deliver Web-based information across a variety of data-enabled devices, such as mobile phones and wireless PDAs. The company's applications are based on the XML Web data-exchange standard.
Campbell, Calif.-based NetSanity said the funding will be used to expand its operations globally, develop new versions of its technology and provide new features for carrier customers. One of the new features involves expanding services to handle more personalized content, such as providing customers with the ability to receive sports scores, stock quotes and e-mails. The company said it also hopes to enable customers to receive notifications on the phone, such as if someone outbids them on an eBay auction.
NetSanity said other investors include RSA Ventures, Argo Global Capital, McKenna Ventures and Nokia Venture Partners.
Through RSA Ventures investment, NetSanity will also have access to electronic security technology, which encrypts data. In addition, Dave Clark, partner of RSA Ventures, will join NetSanity's board of directors.
"I think from our standpoint, (the funding) certainly shows the strong position our company is in," said Fred Clarke, CEO of NetSanity. "That we're being funded by companies not only out of the wireless space but in the security space and the server and chip space. We think that is certainly a testament to how versatile our solution is."