Latest Round Brings Funding to $48 Million; Redpoint Partner Joins Board of Directors
PALO ALTO, Calif. (October 15, 2001) — Danger, Inc., creator of the hiptop mobile service and device, today announced it has secured $36 million in second round financing from leading venture capital firms and strategic corporate investors. This latest round brings the company's total funding to $48 million. The round was led by Redpoint Ventures and also included T-Venture, the venture capital arm of Deutsche Telekom, Orange Ventures, the venture arm of Orange S.A, InOvate Communications Group and Diamondhead Ventures. Also participating is Danger's Series A lead investor, SBVC (Softbank Venture Capital). As part of this announcement, Jeff Brody, founding partner of Redpoint Ventures joins Greg Galanos, managing director at SBVC, and Danger founders Andy Rubin, Joe Britt and Matt Hershenson on the company's Board of Directors.
"This unique combination of investments from venture divisions of two of the world's leading wireless carriers and top Silicon Valley venture capital firms provides Danger the operational and financial expertise to turn the mobile Internet into a reality for the consumer market," said Andy Rubin, president and CEO of Danger, Inc.
The Danger hiptop is a live device that seamlessly connects to wireless networks providing consumers the freedom to browse the Internet, exchange instant messages and send and receive email with attachments. Additional hiptop features include a full-featured phone, personal information management (PIM), entertainment applications and a camera accessory.
"Danger is poised to become an industry leader in the wireless communications space," said Jeff Brody, founding partner of Redpoint Ventures. "The Danger team is on a fast track to execute their vision of the wireless Internet and redefine the mobile environment with the introduction of the hiptop."
Danger provides an integrated solution for wireless service operators consisting of a back-end service, a platform that uses standard development tools, and hiptop hardware designs. The Danger solution is designed to evolve with advancements in hardware, software and network standards, providing a low-risk, future-proof platform for content and service delivery.
"Danger's value proposition allows wireless carriers to leverage their next-generation networks," said Greg Galanos, managing director at SBVC. "The Danger service is core to Danger's integrated solution that allows the carriers to provide consumers with an affordable and compelling mobile Internet experience."
The hiptop will be introduced to the consumer market in the first quarter of 2002. A flash demonstration and photos of the hiptop are available on the company's website at http://www.danger.com.
With offices in Mountain View, California and Superior, Colorado, SBVC is a $2.5 billion U.S.-based private equity venture capital firm managed by an unparalleled team of former CEOs and entrepreneurs, technology pioneers, senior executives from major technology corporations, and leaders from the investment banking community. SBVC specializes primarily in early-stage investments in the areas of: communications systems, software and services; infrastructure software and services; professional services; enterprise applications; healthcare informatics; consumer and small business applications; components; and emerging technologies. In affiliation with its largest institutional investor, SOFTBANK CORP., SBVC combines its technology expertise and broad financial assets with the industry's best entrepreneurs to create a powerhouse portfolio of over 175 of the world's leading high technology companies. For more information on SBVC's investment team, technology vision and portfolio companies, please visit www.sbvc.com.
About Redpoint Ventures
Redpoint Ventures focuses on creating franchise and platform companies for the next generation and broadband Internet, currently focused on communications infrastructure and Enterprise infrastructure software. Redpoint was founded in the fall of 1999 by three partners each from Brentwood Venture Capital and Institutional Venture Partners (IVP), two of the top ten Silicon Valley venture firms.
T-Telematik Venture Holding GmbH (T-Venture) is a wholly-owned corporate venture capital subsidiary of Deutsche Telekom AG, a world leader in telecommunications. T-Venture provides young, technology-oriented companies which operate in the TIMES markets (telecommunications, information technology, multimedia, entertainment, security) with equity, but also with entrepreneurial know-how. T-Venture has offices in Bonn, Munich, Berlin, Redwood City (CA), Tokyo, Singapore and manages several funds of EURO 500 million. www.t-venture.de
About Orange Ventures
Orange Ventures is the venture arm of Orange SA, one of the largest mobile communications companies in the world with over 35 million subscribers and a presence in over 20 countries worldwide, including the UK and France, where it is the #1 wireless operator in terms of customers. Orange Ventures invests in early-stage technology companies that are developing wireless infrastructure, enabling technologies and applications. Orange Ventures has offices in Boston and London and invests in Europe, Israel, and the United States.
About InOvate Communications Group
InOvate Communications Group creates, funds and manages innovative wireless product and service companies which address the evolving needs of fixed and mobile operators and infrastructure suppliers worldwide. The company focuses on developing new companies that will significantly improve the performance of wireless networks and address the technical challenges created by the confluence of wireless, multimedia technologies and the Internet. The company was launched in September of 2000, bringing together an influential team of senior executives with an unparalleled blend of business, engineering, and wireless expertise.
About Diamondhead Ventures
Diamondhead Ventures (DhVen) focuses on early-stage Internet infrastructure and enterprise software investments spinning out of corporations and leading research universities. Diamondhead Ventures, which manages $140 million in committed capital, actively engages with portfolio companies using a hands-on consultative approach to support all areas of business operations.
About Danger, Inc.
Founded in January 2000, Danger, Inc. is a privately held company based in Palo Alto, California. Backed by leading venture capital firms and corporate investors, Danger was founded by former Apple, WebTV and Philips veterans Andy Rubin, Joe Britt and Matt Hershenson. Guided by the principles of style and affordability, Danger has created an integrated wireless Internet experience that delivers the freedom to communicate where you want, when you want and how you want. Additional information about the company, its products, partnerships and employment opportunities is available at http://www.danger.com.
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"Danger" and "hiptop" are trademarks of Danger, Inc.