Business & Finance

VCs Bet on Innovative Wireless Platform

Business Wire - June 4th, 2001

Bluefish Wireless, Inc., developer of a proprietary communication platform that enables interaction between Palm OS® devices and the Internet, today announced it raised a second round of venture capital funding. The company has raised $2.5 million to date. Funding was lead by NetworkAsia, and includes investments from leading Australian VC firm Allen & Buckeridge. The financing will be used for product, technology, and business development efforts. With the close of Series B, Jason Cornell of NetworkAsia has joined the Bluefish Board of Directors.

The announcement coincides with today's launch of the Bluefish Network, the first and only free service that enables Palm OS® handheld users to conveniently make secure purchases and download information from the Internet, without a wireless modem connection. Users simply 'beam' on Bluefish access points, battery operated units that measure approximately 16cm² in size, located in high-traffic public spaces including airports, tradeshows, universities, museums, and corporate campuses. Alternatively a user can download Bluefish from the web. Every time the user syncs their Palm OS® handheld through their cradle, information is updated and transactions are automatically uploaded.

"Bluefish represents the type of companies Network Asia is currently funding, with a solid business plan and unique technology angle which can be implemented globally," said Jason Cornell, vice president of NetworkAsia. "With solid technology and management, Bluefish is poised for success and we expect significant growth over the coming years."

"Bluefish is filling a void in the market by enabling enterprises to extend their applications onto PDAs, lowering operations costs and mobilizing their business," said David Landers, general partner of Allen & Buckeridge's early stage VC arm. "Bluefish has a large and growing market as well as a strong technological advantage over competitors with its patent-pending communication platform."