Intuwave gets euro11.9 million in second round

Investee Company – Intuwave Ltd (UK)

Investee Company Business Type – Develops software and platform solutions for mobile data applications

Type of Financing – Second stage financing

Equity Providers – 3i, GIMV, Sum International Holdings

Equity Leaders – Mike Reid, 3i technology group & Rudi Severijns, GIMV

Debt Providers – N/A

Debt Type – N/A

Debt Leader (Individual) – N/A

Equity Amount – euro11.9 million

Total Deal Value – euro11.9 million

Other Advisors – Arkios acted as the appointed representative of BNP Paribas, London branch

Comments – UK-based middleware software developer, Intuwave Ltd has received euro11.9 million in second round funding. Co-lead investors 3i and GIMV were joined by the initial shareholder, Sum International Holdings.

The investment will allow intuwave to complete development of its wireless middleware product, m-NetworkTM. The technology is aimed at enabling wireless developers to build applications that take advantage of third generation networks and next generation mobile devices.

Ariel Gorfung, chief executive officer, Intuwave, commented: “Our technology securely extends the ‘enterprise nervous system’ beyond the confines of the office environment, giving users ubiquitous access to the data and business processes they need to stay efficient.”

The development of the m-Network technology will be funded with a view to shipping the company’s first generation of products in early 2002. In particular, Intuwave will use the investment to expand its team of technical, sales and marketing staff in the UK.