Wireless application provider Everypath got a resounding vote of approval
for its business plan by investors who recently dropped $60 million into company
coffers.
The Santa Clara, CA-based company offers real-time access to the Web from
any number of wireless devices, including Palm personal digital assistants,
pagers and “smart” phones. It’s Intelligent Rendering product converts
HTML-style Web pages to the desired wireless Web format.
The latest Series C funding brings the total investment to $70 million, a
good start for a company bringing its wares into the exploding wireless
communications market.
Amerindo Investments led the
financing round for an undisclosed sum, followed by Ignition Corp., a wireless fund
started by former Microsoft executive Brad Silverberg. Other investors
include E*TRADE, Texas Pacific Group and Redwood Ventures.
A talk with Richard Dukas, Amerindo director of public relations, showed
the investment firm generally puts in around $5 million to each of the
companies it shows an interest.
It’s a perfect way to leverage for increased stocks down the road, Dukas
said. We already have an understanding of the key officers and the
business model the company uses. He also mentioned Amerindo officials
never take seats on the board of directors for the companies it
invests. “That would mean we’re insiders, and we’re not,” Dukas.
Venktesh Shukla, Everypath chief executive officer, said the funding was
validation of its business model.
“These are some of the market’s savviest investors and this kind of
sizeable investment from them is a clear indication that we are viewed as a
market leader,” Shukla said.
Another clear indication of the company’s success is the friends it keeps.
In April, Intel Online
Services signed an agreement to jointly market its products. Everypath
agreed to use Intel Online as its primary Web hosting
provider. Earlier this year, Everypath penned a deal with Hewlett Packard Co. to help
market its growing number of online applications.
