Danger, Inc. Announces $37 Million Financing Round
Round to be used to scale customer and partnership base
PALO ALTO, Calif. (July 23, 2004) -- Danger, Inc., provider of the hiptop® Wireless Solution, today announced it has secured an additional $37 million in its Series D Prime financing. The financing round was led by Mobius Venture Capital, Redpoint Ventures, and SOFTBANK Capital Partners, and also brought in two prominent new investors: Institutional Venture Partners (IVP) and Adams Street Partners. Nearly all of Danger's existing institutional investors participated at pro-rata or greater levels, including: Mobius Venture Capital, Redpoint Ventures, Meritech Capital Partners, SOFTBANK Capital Partners, Venture Strategy Partners, T-Mobile Venture Fund and Diamondhead Ventures. The financing round was oversubscribed, so Danger's Board of Directors approved an expansion of the round to $37 million to meet the demand for investment.
In the last year, Danger launched its wireless service with an additional seven carrier partners in five additional countries around the world. In addition to T-Mobile in the United States, Danger sells its hiptop product through EPlus in Germany, ONE in Austria, Microcell in Canada, TritonPCS in the southeastern US, Edge Wireless in the northwestern US, Cable & Wireless in the Cayman Islands and Starhub in Singapore. Danger is also developing key partnerships with Original Equipment Manufacturers (OEMs) and content partners to expand the company's hardware and software offerings. Danger expects to utilize its additional funding to further develop these partnerships and expand its sales on a global basis.
"As specialists in expansion-stage financing, we are delighted to be working with Danger," said Norm Fogelsong, Managing Director of IVP. "The company has a proven technology offering and a rapidly-growing subscriber base. With this substantial financing round, Danger is well-positioned to dramatically scale its business as a mass-market wireless software and services provider."
"With exciting new partnerships and opportunities in place, we are fortunate to have investors that wholeheartedly support our efforts to grow our business rapidly," said Hank Nothhaft, Danger's Chairman and Chief Executive Officer. "This oversubscribed round affirms Danger's business model, position in the marketplace, and prospects for significant success within the mobile internet market."
Danger provides an end-to-end solution to wireless carriers, consisting of back-end infrastructure software, a platform for third-party application development, hardware device designs and a device operating system. Danger's wireless products have been embraced by consumers, Hollywood celebrities, musicians and athletes all who value the ability to stay connected while on the go. The hiptop device has received numerous awards and industry accolades, including "Best of CES" in the Wireless Communications category (CES, Las Vegas, 2004) and "Favorite Wireless Widget" at the CTIA tradeshow (Atlanta, 2004).
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About Danger, Inc.
Danger's award-winning hiptop® Wireless Solution enables wireless operators to quickly and economically deploy new applications and services to consumers over next-generation data networks. This solution includes: the hiptop® Service Delivery Engine—a suite of server-based infrastructure software, which is currently hosted as a service for wireless operators; the hiptop® Development Platform—a platform for the development of mobile applications using industry standard development tools; and hiptop® device designs—hardware designs for wireless all-in-one devices, which may be customized and branded by wireless operators. Additional information about the company is available at www.danger.com.
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Danger and hiptop are trademarks, service marks, and/or registered trademarks of Danger, Inc. in the United States and in other countries. All other trademarks, service marks, and product names are the property of their respective owners.