Article for QUALCOMM Incorporated (NASDAQ NM:QCOM)
8:31 AM
most recent headlines
next article:
PacketVideo Closes $21 Million Financing with Key Strategic Partners;
Company Positioned for Rapid Growth, Technology Advancement and
Deployment
TUESDAY, DECEMBER 14, 1999 8:31 AM
- BusinessWire
SAN DIEGO, Dec 14, 1999 (BUSINESS WIRE) -- PacketVideo Corporation, the global leader in
wireless multimedia software and services for mobile applications, today announced that it has
closed a $21 million round of financing, bringing the total equity capital raised by PacketVideo to
more than $25 million.
Siemens Mustang Ventures, a participant in a previous financing, led this round. PacketVideo's
investors now include:
-- Credit Suisse First Boston - a leading global investment banking
firm with 1998 revenues of $6.7 billion, equity of $7.1 billion,
and assets of $291 billion
-- Intel Corporation - the world's largest chip maker and a leading
manufacturer of computer, networking and communications products
-- Nexus Group LLC - a private multi-stage investment firm based in
San Francisco whose investments include Commerce One, Asia
Online, Phone.com, Service Metrics (acquired by Exodus
Communications), Object Switch, enCommerce, net.genesis and
Vstream, among others
-- QUALCOMM Incorporated - pioneer and world leader of Code Division
Multiple Access (CDMA) digital wireless technology and leading
developer and supplier of CDMA chipsets and system software
solutions
-- Reuters Group PLC - the world's leading news and information
provider, through its Greenhouse investment program
-- Members of the Rockefeller family
-- Siemens Mustang Ventures - the venture capital group of Siemens
Information and Communications Networks, a global leader in
information and communications technologies
-- Sony Corporation of America - the subsidiary of Sony Corporation
in Tokyo that is responsible for overseeing the company's overall
strategic initiatives and diverse electronics and entertainment
operations in the U.S.
-- and others. "We are very pleased to have the support of such world class organizations. We
have chosen to work with strategic partners in key sectors, such as chip and device
manufacturers and content providers, who can further the achievement of our business goals,"
said PacketVideo co-founder and CEO Jim Carol.
"This round of funding will enable us to take important steps toward broad deployment of our
technology and the ultimate realization of our vision: multimedia content availability anytime,
anywhere."
The funds from this round will further the company's rapid growth, providing working capital,
funding research and development, and supporting additional resources for engineering, sales
and marketing.
"PacketVideo has all the ingredients required to be a category-defining company," said Frank
Quattrone, managing director and head of Credit Suisse First Boston Technology Group. "I felt
this way when I first saw Cisco, Amazon.com, MP3.com, and Phone.com. PacketVideo has
world-class technology, strong partners and a great management team. This, combined with the
company's first-to-market advantage, will create tremendous excitement next year."
PacketVideo provides software-based encoding and decoding products that enable content
providers and cellular carriers to deliver rich media content, not just data, to mobile users
anytime, anywhere.
In June 1999, PacketVideo became the first company to publicly demonstrate the transmission
of good quality live and pre-encoded streaming video to palm-size and handheld PCs over today's
14.4 kilobit per second digital wireless networks. PacketVideo will launch field trials of its
technology during the first quarter of 2000.
About PacketVideo Corporation PacketVideo is a privately owned wireless multimedia software
and services firm leveraging MPEG-4 standards-based communications software designed for the
encoding, distribution and decoding of multimedia transmitted over any digital wireless network.
Founded in 1998, the Company is based in San Diego in the heart of the "Telecom Valley."
PacketVideo is located at 10350 Science Center Dr., San Diego, CA 92121. To learn more visit
the company's Website at www.packetvideo.com.
Note to Editors: PacketVideo and PacketVideo product names are trademarks or registered
trademarks of PacketVideo Corporation. QUALCOMM is a registered trademark of QUALCOMM
Incorporated. Other names mentioned herein may be trademarks of the party using such names.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
-0-
CONTACT: PacketVideo Corporation, San Diego
Don Reckles, 858/455-2742
reckles@packetvideo.com
or
Bob Gold & Associates
Bob Gold, 310/320-2010
bob@bobgoldpr.com
WEB PAGE: businesswire.com
|
