Successful financing round for BlueGiga

Wednesday 22 May 2002 | 10:55 CET | News
BlueGiga Technologies, a leading supplier of industrial Bluetooth solutions announces the successful completion of its second round of financing on May 13th. The investment round Lead Investor was Aura Capital Oy, while Eficor Oyj / Holtron Capital Fund acted as co-lead investors. The agreement also allows for further institutional investors to join the round at a later stage. BlueGiga Technologies has developed a complete line of Machine-to-Machine (M2M) products for wirelessly connecting users, machines and backbone business systems utilizing Bluetooth, Internet and embedded Linux technologies. The company's Wireless Remote Access Platform (WRAP™) saves time and cost for customers by increasing the accessibility to a wide range of machines and devices for remote diagnostics, monitoring and other wireless transactions. The financing obtained will enable further company expansion and first volume production of the company's WRAP™ 1000-series products, capturing a considerable wordwide demand for implementing wireless functionality in the industrial and enterprise sector. Today, an increasing number of companies emphasize strategic investments in process automation, remote monitoring, service automation and cable replacement which pay off quickly in increased time and cost savings. "Short range wireless networks provide a flexible and cost-efficient way towards satisfying more real-time information flow requirements in a variety of complex and demanding industrial environments" says Ari Siponmaa, a new company board member from Aura Capital. "The completetion of this round with a new lead manager shows that institutional investors are still actively engaging in earlier-stage venture capital rounds, despite the overall IT sector's sluggishness. It further demonstrates the investors' trust in BlueGiga Technologies growth potential", says Jarkko Jukarainen, MD of BlueGiga Technologies Oy.

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