Wireless funding boom


b2_2003jul_106x140Take one part wireless, shake it with equal amount of security and you have the recipe for a cocktail venture capitalists can’t resist. Cranite Systems and Vernier Networks both recently raised VC dollars. Cranite which develops security software for wireless local area networks, snagged $10 million while Vernier focuses hardware closed its series D round at $12 million. It just got last tranche of $2 million but fell short of its round target of $15 million, according to Venture Wire. Vernier was founded in March 2001 and was a spin-out of Packet Design which still holds a stake. Hitachi Ltd. and ITX International Holdings also are investors in the Mountain View, Calif., company, VW says. RCR Wireless News has a nice round-up of recent wireless funding madness. Recent fund raisers include Spotwave Wireless, July Systems, Figure 8 Wireless and Cypak. As I had noted following my chat with Bob Metcalfe, Wireless is the new platform, and most VCs are jumping in head first to get in on the action. As they say, sometimes too many cocktails can leave a nasty hangover. (I linked to my story on the coming wireless boom from July 2003)

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