Vertex in the News | 2004

DoOnGo Raises Up To $10M From Intel Capital, Deploys On LG Handsets
DoOnGo Raises Up To $10M From Intel Capital, Deploys On LG Handsets
Author: VentureWire Staff
VentureWire, Jun 1, 2004

DoOnGo Technologies Inc., a developer of software used by mobile carriers to fix bugs in cellphones "over the air," has received up to $10 million in funding from Intel Capital, a spokeswoman from the venture firm told VentureWire.

DoOnGo Co-Founder and Executive Vice President Stephen Artim said that the company has raised strategic funds from Intel Capital, but declined to provide the amount.

The money adds to the $18 million in Series C financing the company closed earlier. That round was reported by VentureWire in January.

The company indicated it is well-funded and said it was able to negotiate a product relationship with Intel. "We didn`t need the cash," said Artim, so "we got a very good business deal around [the funding]."

As a result of the companies` deal, Intel`s flash memory technology will be made compatible with DoOnGo`s over-the-air, or OTA, software, meaning the phone-based technology will be able to accept OTA changes.

These changes are made by the mobile carriers to software embedded on mobile handsets using their network. For example, Japanese carrier NTT DoCoMo recently downloaded a patch to fix bugs in about 630,000 NEC-manufactured handsets. This was done remotely.


Artim also said the company will be opening offices in Europe and in South Korea, where it has just announced its first deal with a handset manufacturer.

DoOnGo said in a press release that LG Electronics, a major handset maker based in South Korea, will deploy its DeltaUpgrade OTA software on handsets being supported by China Ubicom`s CDMA network. China Ubicom, which also has a GSM network, is a wireless carrier in China.

The commercial launch of DeltaUpgrade on LG handsets is scheduled for the second half of this year.

The office in South Korea should be opened by the third quarter, as should the Europe office, said Artim. The Europe office will handle field support, sales and marketing and will buttress a large, unannounced deal there, according to Artim.

Investors in the company include VantagePoint Venture Partners, Vertex Management, CDIB Ventures and CDIB, or China Development Industrial Bank, which is based in Taiwan. Also invested are Mitsui Venture Capital, Nippon Venture Capital Corp., NTT Leasing Co., Mitsui Sumitomo Insurance Venture Capital and Gemtek.

http://www.doongo.com

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