In yet another acknowledgement of the increasing popularity of hand-held devices, mobile
information company AvantGo Inc. Friday announced that it has secured $14.7 million in its third round of financing from Microsoft Corp., 3Com Corp. and several venture capital firms.
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Imation expects proceeds of $55 million after taxes from the planned sale, which provide email access through the companys Palm series of handheld computers.
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New investors appointed Gregory Waldorf to AvantGo's board of directors.
Investment management firm Fayez Sarofim & Co. and venture capital firms
21st Century Internet Venture Partners, H&Q Venture Associates and Adobe
Ventures also invested in the company.
Start-ups ride new wave of corporate investment - Puget Sound Business ::
received $14.7 million in its third round of equity funding from a diverse group Microsoft Corp. and 3Com Corp. were headliners in this deal, but also
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AvantGo recently launched AvantGo.com, a Web access service for Windows CE or Palm OS-compatible wireless devices which transmits data via the AvantGo server.
"We are delighted to be making an investment in AvantGo which has taken an
open Internet
approach to delivering content to mobile devices," said Jonathan Roberts,
general manager for the productivity appliance division at Microsoft Corp.
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of trading since being spun off from network equipment vendor 3Com, handheld About $46 million in YTD losses and a 50% drop in the companys share price.
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maker of handheld computer devices would have earned $10.6 million, or 21 cents a share. As Microsoft online chief resigns, Ballmer touts units outlook
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Because AvantGo allows users to download Internet and intranet
data to any palm device, 3Com sees its contribution as an "investment in
the infrastructure of the palm economy," according to Michael Dolbec,
3Com's vice president of business development.
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Venture firms saw the advantage of the deal in the agreement of rivals
Microsoft and 3Com to invest in the same company, according to David
Pesikoff, principal of Fayez Sarofim & Co.
Palm OS software and Microsoft's Windows CE accounted for 67 percent of the handheld market in 1998. Forecasts expect the two platforms to account for 92 percent of the market in four years.
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