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Tira Wireless Secures $3 Million In Series A Funding
TORONTO - October 16, 2002 - Tira Wireless, a full service publisher of wireless Java applications for mobile phones, today announced that it has secured US$3 million in Series A financing from Cambridge, MA-based Flagship Ventures (OneLiberty, AGTC, NewcoGen) and Toronto-based Brightspark Ventures. The investment provides Tira with the capital necessary to expand its portfolio of quality, downloadable applications for Java-enabled cellular handsets. The funding will also support Tira's aggressive business development, sales and marketing initiatives as well as enable Tira to accelerate its expansion into European markets.
"The new wave of Java-enabled mobile phones will enable mobile network operators to generate new streams of revenue," said Tony Davis, founder and CEO of Tira Wireless. "But to be successful, operators must provide their customers with a wide selection of quality applications that operate across a spectrum of handsets. This equity investment will enable Tira to publish an extensive portfolio of certified applications, and ensure that operators worldwide can maximize the potential of this new market."
Tira Wireless works closely with the Java application developer community to provide mobile operators with a broad portfolio of quality gaming, entertainment, communication and productivity applications. Tira's unique certification program encompasses more than 250 tests across multiple devices and cellular networks to ensure that every Tira certified application meets stringent standards for security, usability, robustness and copyright ownership.
In conjunction with the funding, Tira also appointed Roger Heinen, Managing Director, and Jim Matheson, Principal at Flagship Ventures to its board of directors. Heinen is a highly regarded technologist with a distinguished career that includes roles as Senior Vice President, Developer Division at Microsoft and Senior Vice President, Software Division at Apple Computer. Heinen has a BSCS and PhD Hon. from Worcester Polytechnic Institute, and an SEP from Stanford University. Matheson, whose primary focus area is software applications and infrastructure, served for 15 years as an officer and fighter pilot in the U.S. Navy prior to joining Flagship Ventures. Matheson earned a BS in Computer Science from the U.S. Naval Academy and an MBA from Harvard Business School.
"We are very excited about the tremendous market opportunities that Tira's unique full service publishing offers," said Roger Heinen. "They have a solid model in place to exploit the opportunities in the Wireless Java market. This makes the company an ideal investment."
"Roger and Jim are strategic additions to our board of directors," added Davis, "and their expertise will prove invaluable to Tira." Roger and Jim join industry veterans Tony Davis and Mark Skapinker on Tira's board of directors.
Tony Davis, Founder and CEO of Tira Wireless, has more than 18 years of software engineering and product design experience. Tony is well known as the creator of WinFax and its associated products while at Delrina. In 1996 Tony founded Lanacom, an Internet software company, that was sold to BackWeb Technologies in 1997. Tony subsequently co- founded Delano Technology Corporation to bring to the market the industry's first email application server.
Mark Skapinker is a veteran and a pioneer with more than 20 years experience in software and technology. In 1988, Mark co-founded Delrina Corporation and successfully grew Delrina to annual revenues topping $150 million. Mark was President of Delrina from its initial incorporation, through its public stock offering and listings on both the Toronto Stock Exchange and NASDAQ -- until Delrina was acquired by Symantec in 1995. Subsequent to Delrina, Mark has founded and built internet software company Balisoft, which merged with Servicesoft in 1999 which was subsequently purchased by Broadbase in 2000.
About Flagship Ventures
Founded in 1999, Flagship Ventures (www.flagshipventures.com) is an entrepreneurship and venture capital firm comprised of a family of funds: OneLiberty Funds, AGTC Funds and NewcoGen Group. Flagship currently invests from $400 million in funds raised in 2000, and manages a total pool of committed capital approaching $600 million. The Flagship Ventures team consists of 31 professionals focused on creating, financing, and building companies in the life science, information technology, and communications sectors.
About Brightspark Ventures
Brightspark Ventures (www.brightspark.com) is a venture capital firm focused on building and funding seed and early-stage software companies. Brightspark Ventures has an experienced team of operators at its helm with a proven track record in building and financing software companies and a demonstrated expertise in discerning software opportunities from mass-market hype. Brightspark Ventures' founding partners are backed by a team of software professionals with strong operational and technology experience. Brightspark Ventures is backed by leading institutional investors who share the Brightspark Ventures philosophy of patient, smart money for early stage investments.
About Tira Wireless
Tira Wireless (www.tirawireless.com) is a full-service publisher of a portfolio of trusted Wireless Java applications supporting the diverse needs of today's mobile subscribers. Tira Wireless offers mobile operators and developers a "full-service" publishing model that ensures the delivery of trusted wireless java applications to mobile subscribers through Tira's stringent certification to standards for security, usability, and robustness. Tira Wireless is a privately held company funded by Brightspark Ventures of Toronto and Flagship Ventures of Cambridge.
Media Contacts:
Marion Schouten
Flagship Ventures
617-218-1647
mschouten@flagshipventures.com
Deborah Lacy
For Brightspark Ventures
ph 650.566.1330
fx 650.566.1530
dlacy2@mindspring.com
Jodi Echakowitz
Echo Communications (for Tira Wireless)
416-271-7250
jodi@echo-communications.com
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