InterDigital Inc (IDCC)

[Gamco]

Siemens funds first U.S.-based vendor

by Sam Omatseye
Sept. 30, 2003 12:31 PM EST

Siemens AG said it has completed its first investment in the United States with V-Enable, a wireless startup that focuses on multi-modality technology. The investment was executed by Siemens Mobile Acceleration, the vendor's wireless venture capital arm.

V-Enable said it has closed a $3.75 million round of funding, bringing total equity capital raised by V-Enable to $5.25 million. This private placement was led by SMAC and Sorrento Ventures. Other investors included Acumen Venture Partners, TCA, Poole Investment Ventures and individual investors.

"This investment gives SMAC an excellent launchpad for the U.S. market," Dietrich Ulmer, chief executive officer of SMAC.

In August, V-Enable founder Dipanshu Sharma told RCR Wireless News that V-Enable has partnered with IBM Corp. to incorporate V-Enable's technology with IBM's WebSphere product for carriers. Siemens also resells V-Enable's technology.

On the customer side, Sharma said V-Enable's technology will be launched by the end of the year with one carrier in the United States and one in Europe. In the United States, Sharma said V-Enable is working with a carrier to offer multimodal access to a directory-assistance application. Sharma said V-Enable is working with 10 wireless carriers.