Air2Web raises $20 million in new financing

ATLANTA -- Air2Web, a wireless platform provider, closed a round of $20 million in Series C funding and expects to close an additional $5 million in the next few weeks, the company has announced. Air2Web's Mobile Internet Platform enables customers to extend enterprise applications to any digital wireless device including Short Message Service (SMS) and Web-enabled phones, personal digital devices (PDAs) and pagers. 

Air2Web has reported more than 65 production deployments with blue chip customers providing wireless enabled financial applications, critical field force applications, customer relationship management, m-commerce and subscription-based content services. Customers include companies such as Delta Employees Credit Union, ABN AMRO, Digital Insight, Corillian, ADC Telecommunications, Lexmark International, Nortel, UPS, Holiday Inn, Intercontinental and Crowne Plaza hotels, the Weather Channel and CBS SportsLine. 

Air2Web also maintains extensive relationships with all major carriers and has partnerships with the country's top systems integrators and key technology vendors to provide vertical industry expertise and ensure rapid wireless application delivery on a global basis. 

"Air2Web is single-mindedly focused on delivering the best wireless products and solutions to our customers," said Sanjoy Malik, President and CEO of Air2Web. "We are extremely pleased with the investment, and value the knowledge and experience the new investors bring to our operation."

Investment community

Malik said Air2Web's success in the wireless industry has also been recognized by the investment community. Leading the financing is CDP Sofinov, member of CDP Capital. Additional funding has come from BellSouth, Nextel Ventures, VeriSign Inc. and existing investors including Mitsubishi and Jay Chaudhry, Chairman of Air2Web.

"Given the current climate for investing in the technology sector, this is a significant achievement for Air2Web and demonstrates the confidence of the financial market in both wireless and, specifically, in Air2Web's ability to execute," said Denis Dionne, President of CDP Sofinov. "Air2Web has a very seasoned and focused management team, cutting-edge technology, unique relationships with the leading wireless carriers, and high caliber customers. They are clearly well positioned to be the leader in this field."

Air2Web's wireless solutions are being deployed in 30 countries and in 27 languages underscoring Air2Web's leadership in functionality, scalability and global capabilities. In addition, Air2Web was recently recognized by Forbes Magazine as one of the top business-to-business companies in the wireless sector for their Best of the Web edition. Companies were chosen based on strict criteria related to strategy, execution and financial staying power.

Customer base

"Air2Web has already established an extensive and impressive customer base," said Berge Ayvazian, CEO of the Yankee Group. "Now fueled by additional funding, we are confident in Air2Web's ability to leverage its leadership position in the wireless platform market to support both enterprise and carrier mobile commerce applications."

CDP Capital is the fund manager of the Caisse de depot et placement du Quebec. A leading Canadian fund manager with C$125 billion of total assets under management, CDP Capital offers a complete range of fund management services worldwide.

CDP Capital was named Best Fund Management Group in Canada by the Reuters Survey 2000, a pool of 292 publicly traded Canadian companies. CDP Sofinov, member of CDP Capital, offers strategic financing to innovative companies with superior growth and performance potential based on leading-edge technologies. The Company is also developing partnerships with venture capital funds in Canada, the United States and Europe.