OQO gets $20M from Motorola and friends


I found this press release from Motorola on the Mobility Today site:

SAN FRANCISCO, Nov. 16 /PRNewswire/ — OQO, Inc., manufacturer of the model 01 and model 01+ ultra personal computer, today announced $20 million in Series D financing. The oversubscribed round was led by Washington D.C.-based Paladin Capital Group with existing institutional investors Azure Capital Partners and AsiaTech Management, as well as new key strategic investor Motorola Ventures, the venture capital arm of Motorola, Inc. (NYSE: MOT – News). This round will be used to scale the sales and marketing efforts while accelerating research and development of next generation ultra personal computer products and related technologies.

Paladin invests in companies that can play an important role in protecting the nation’s critical infrastructure with a focus on companies whose solutions are capable of having an immediate impact. The firm’s management includes the former Director of the Central Intelligence Agency (CIA), the former Director of the National Security Agency (NSA), and the former Deputy Director of the Defense Advanced Research Projects Agency (DARPA). Paladin Principal Niloo Howe, who will join the OQO Board of Directors, commented, “as the only pocketable fully functional Windows XP PC on the market, the OQO ultra personal computer is already a key component in a variety of Homeland Security projects. We see tremendous potential for OQO in the government sector, in addition to the broader enterprise market.”

“OQO is pleased to add to our world-class group of institutional investors,” said Jory Bell, OQO’s CEO. “Paladin’s deep insight into government and other specialized market segments will prove invaluable as we continue to grow and diversify our business, while Motorola’s participation aligns OQO with a leader in wireless telecommunications.”

“With its unique technology and commitment to revolutionizing personal computing, OQO is an outstanding addition to Motorola’s portfolio of technology investments,” said Warren Holtsberg, corporate vice president, equity investments, of Motorola Ventures. “By facilitating the development of next generation pocketable computers, Motorola’s strategic investment will advance our goal of bringing seamless mobility to wireless users.”

Lt. General (Ret.) Kenneth A. Minihan, a Paladin Principal and former Director of the NSA, noted, “OQO is uniquely positioned to extend computational power and critical information deeper into field operations than ever before. Whether in military, first responder or enterprise environments, OQO’s personal computers are a vital resource to those on the move throughout the organization.”

The funding comes on the heels of the OQO’s release of the model 01+, an upgrade to the model 01 ultra personal computer, the first pocketable Windows XP personal computer to hit the market. OQO board member and Founding General Partner of Azure Capital Partners Mike Kwatinetz stated, “With the launch of its second product, the 01+, OQO has established itself as the industry leader in pocketable Windows XP computing. Given that over 400 corporate and government entities are already customers, Azure believes that 2006 will be the year the category emerges. And we expect the world-class R&D team at OQO to drive the category forward through continued innovation.”

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