Kline Hawkes leads $11 million IP MobileNet Investment
July 2001, Santa Fe Springs, CA - IP MobileNet, a designer and manufacturer of advanced mobile wireless communication products for the private radio market, announced the close of an $11 million round of financing led by Kline Hawkes & Co. Other investors include FA Technology Ventures, Sorrento Ventures and E*Capital (parent of Wedbush Morgan Securities).
The need for mobile voice and data services is growing exponentially, fueled by a massive increase in the demand for wireless data and FCC mandates for more efficient use of the wireless spectrum. IP MobileNet's patented software and mobile data hardware dramatically improve the reliability, capacity and coverage area of a wireless mobile data network. With more than two decades of innovation in data communications, IP MobileNet built a reputation with mission critical users by providing highly reliable mobile data communications networks for the utility, transportation, government, and public safety markets. The Company’s patented technologies include (i) the first 100% native IP system for voice and data, (ii) TDMA multiplexing, which quadruples channel capacity and (iii) a sophisticated RF receiver technology that significantly improves reliability.
Commenting on the investment, Nick Memmo, Kline Hawkes Partner and Chairman of the Board of IP MobileNet noted, “Given that wireless spectrum is finite, any technology that enables an organization to quadruple its bandwidth without adding new frequencies is huge. Combine that with a seasoned management team, that knows what it takes to run a successful business and you have an extremely compelling investment opportunity.”
IP MobileNet President and CEO Larry Laurich expressed his satisfaction in teaming up with Kline Hawkes saying, “It was very important for us to have an established local venture capital firm as our lead investor. It’s critical to the success of any early stage company to have investors who can provide extensive strategic resources and support -- with a hands on firm such as Kline Hawkes the fit was ideal.”
IP MobileNet has been shipping their new INVADR product line since last November, and recent customer wins include multi-million dollar contracts with the nation’s largest Sheriffs department and two of the largest taxi & shared ride transportation companies in the U.S. The Company's initial priorities include building out its dealer network, establishing additional partnerships with software applications providers and broadening the Company’s product line.