UbiquiSys Secures Funding for its UMTS In-building Convergence Device
February 07, 2006, Press Dispensary. UbiquiSys Ltd (http://www.ubiquisys.com) today announced it has secured major investment to further develop and commercialise the company's in-building convergence device - the The UbiquiSys ZoneGate(TM).
The funding package is supported by technology investors Advent Venture Partners and Atlas Venture. UbiquiSys expects to raise further rounds of venture capital in later 2006 and is already receiving high levels of interest from investors.
The UbiquiSys ZoneGate(TM) access point is a convergence device developed specifically for the residential and small office market. It has been designed to improve in-building mobile coverage and performance. Unlike other wireless convergence products that use unlicensed WiFi or Bluetooth technologies, the ZoneGate uses GSM and UMTS to communicate with a user’s mobile device.
Len Schuch, CEO of UbiquiSys, comments: ‘Major mobile operators confirm that our service resolves many of their concerns about in-building 3G coverage and how to seize market share in the high-speed data space. Today’s announcement is an important step towards bringing a true convergence device to market that addresses these challenges. Hence we have attracted strong investment partners.’
Graham O'Keeffe, senior partner in the technology group at Atlas Venture, says: ‘Atlas was attracted by the simplicity of a product that could have considerable impact on the business models of mobile operators. The early, positive response from the operator community is extremely encouraging.’
‘Fixed mobile convergence is high on the agenda for many technology investors right now,’ adds Martin McNair, a general partner at London-based Advent Venture Partners. ‘UbiquiSys' technology is the first we've seen that really addresses the needs of the network operators - broadening their service and improving the quality of network coverage - and allows them to move into the residential market.’
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Notes for editors
UbiquiSys develops wireless convergence systems so mobile operators can speed up and fully benefit from fixed mobile substitution. Its systems improve 2G and 3G coverage, reduce deployment costs, generate new revenue streams and drive a culture of usage for next generation services.
About Advent Venture Partners
Advent Venture Partners, based in London, was founded in 1981 and is one of the most experienced technology venture capital firms in the UK. Since its inception, Advent has invested in more than 150 companies and focuses on two principle sectors: information and communications technology and life sciences. Advent invests in the UK and north western Europe and the life sciences team is also active in the US.
Now in its 25th year, Advent generally invests up to 8 million GBP (15m USD) per company and focuses on helping develop growth stage businesses. Advent Venture Partners has funds under management of over 500 million GBP(950M USD).
For more information, visit http://www.adventventures.com
About Atlas Venture
Atlas Venture is an international venture capital firm that invests in technology and life sciences businesses in the US and Europe. Since its inception in 1980, its partners have helped build over 300 companies in more than 15 different countries. In the past decade, 25 portfolio companies have been acquired and 35 are now public companies with an aggregate market capitalisation of over 12 billion USD. Atlas Venture is currently investing from its seventh fund and manages over 2 billion USD in capital through offices in Boston, London, Munich and Paris. For more information, visit http://www.atlasventure.com
For further information please contact:
Richard Kennedy, UbiquiSys
Tel: +44 (0) 1453 861390