Pinpoint Networks, a provider of software and services to global mobile operators, has closed on an $8-million second round of venture funding that includes a new investor.
Massey Burch Capital of Nashville, TN, led the round, along with current investors Noro-Moseley Partners of Atlanta and Wakefield Group, which has offices in Research Triangle Park and Charlotte. Other investors in this round include the Atlantis Group of Durham and Chapel Hill-based Tri-State Investment Group.
The $8 million investment brings Pinpoint’s total funding to more than $14 million since its founding in 1999. At that time, the company received seed financing from Tri-State. In March 2000, Pinpoint completed its first round of venture capital funding when Noro-Moseley and Wakefield invested $5 million in the company.
“We were able to attract this second round of funding at this time because we continue to meet our company milestones set forth by our investors, board and management team,” says Lynn Vitello, director of marketing programs for Pinpoint. “We successfully launched our Fuel software platform and gained another Fuel customer, O2.”
Pinpoint also announced today that O2, one of Europe’s largest mobile operators, has licensed Pinpoint’s Fuel Platform and services to deploy revenue-generating mobile data services for more than 17 million subscribers in Europe. O2 says it has done so to enable the source O2 developer community to easily submit, test and deploy new premium mobile data services across the O2 family of networks via the Internet.
Additionally, Pinpoint said that registration is open for developers interested in deploying their mobile applications on Fuel-powered operators, with immediate revenue-generating opportunities available. Fuel, Pinpoint’s Mobile Application Management Platform, streamlines the interactions between application developers, operators and subscribers, and delivers an end-to-end software solution.
As for what Pinpoint will use its latest cash infusion for, the company says it will expand efforts in a number of key areas, including product development, global sales and business development, marketing and account management.
“Raising $8 million in new funding in today’s challenging economic environment is a testament to the great team we have put together at Pinpoint, the hard work of the entire team over the past 3 years, and the incredible market opportunity for mobile data services,” Jud Bowman, chief executive officer and co-founder of Pinpoint, said in a statement. “The additional capital we have raised will enable us to continue our mission of enabling the mobile data ecosystem for operators, application providers, and mobile data subscribers.”
As a part of the investment deal, Bill Earthman, partner of Massey Burch Capital, will join Pinpoint’s Board of Directors. Massey Burch was formed in January 1994 as the continuation of the investing activities of Jack C. Massey and Lucius E. Burch, III.
“Pinpoint has the proven product, customer base, leadership, and vision to emerge as a dominant company in the mobile data market,” Earthman said in a statement. “We are excited to be a part of this growing company.”
Pinpoint is a provider of software and services to the mobile operators for the management and delivery of mobile data services. Selected as one of CNET’s “Top 10 Wireless Companies to Watch” and named by Unstrung.com to the “Unstrung 25 Most Innovative Companies in Wireless,” Pinpoint’s customers include Verizon Wireless, Rogers, AT&T Wireless and O2. Founded in 1999, Pinpoint is a privately held company based in Cary with European headquarters in London.
Pinpoint Networks: www.pinpoint.com