T-Mobile invests in Flarion

By siliconindia   |   Wednesday, 09 July 2003, 19:30 IST
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BEDMINSTER, N.J: Flarion Technologies, a developer of a flash-OFDM communications system for IP-based mobile broadband networks, has extended its Series B round to raise additional funds from new strategic investors as well as existing investors. The company today announced that the T-Mobile Venture Fund, the venture capital arm of Deutsche Telekom, is making an investment. Financial terms of the investment are not disclosed. Existing investors include Bessemer Venture Partners, Charles River Ventures, Cisco Systems, Equitek Capital, New Venture Partners II LP, Nassau Capital, Pequot Capital, and SK Telecom. Media speculates that the total level of funding received by the company is over $100 million. "Our investment in Flarion provides us with a window on technology to what we consider to be one of today’s most exciting private wireless infrastructure companies," said Axel Kolb, Managing Director of the T-Mobile Venture Fund. "The technology, the team and the investor basis are truly outstanding. We are investing in Flarion at a time where the company is poised to make a difference in the wireless industry." Flarion’s mobile broadband system is currently deployed in operator trials on three continents and is ready for commercial production. "With the T-Mobile Venture Fund and the backing from our prestigious group of investors, Flarion will continue its momentum for market adoption around the world," said Ray Dolan, chairman and CEO with Flarion Technologies. Based in Bedminster, New Jersey, Flarion was founded by Rajiv Laroia who is the CTO of the company.