Millennial Net Secures $6 Million in Series A Financing
Globespan Capital, Kodiak Venture Partners and General Catalyst Partners Lead Investment in Self-Organizing, Wireless Sensor Networks
CAMBRIDGE, Mass. – Millennial Net, Inc. developers of ultra-small, ultra-low power, wireless sensor networking devices called i-Beans™, today announced it has secured $6 million in Series A financing from investors Globespan Capital Partners (formerly JAFCO Ventures), Kodiak Venture Partners and General Catalyst Partners.
Millennial Net will use the funding to further develop its i-Bean technologies and expand its sales and marketing activities. Millennial Net produces hardware and software to build reliable, low-power wireless sensor networks. The company’s premier product, the i-Bean, was originally developed by co-founders, Sokwoo Rhee and Sheng Liu. The i-Bean is an extremely small and very low power self-organizing wireless sensor networking device which has immediate utility in hundreds of industrial, medical, consumer and military applications.
“In order to be successful, we must show a practical approach that addresses specific business problems and generates real returns to our customers,” said Tod Riedel, co-founder, Millennial Net. “Our i-Bean technologies deliver on that promise. This investment validates our approach and provides us with the required capital to expand our leadership team, enhance our technologies and grow our customer base.”
In addition to its innovative networking protocol, Millennial Net uses a portfolio of radio technologies, including micro-power narrowband solutions as well as IEEE 802.15.4 wireless personal area network (WPAN) components. Industry estimates predict the 802.15.4 wireless PAN market to reach $1.7 billion by 2007.
“Millennial Net provides a practical technology solution to capitalize on the enormous potential in wireless sensor networks,” said Ullas Naik, Managing Director at Globespan Capital. “With a technology developed as a result of years of research and testing, not only in academic organizations but also in industrial facilities, Millennial Net is uniquely positioned to address the real-world needs of the building and industrial automation markets. Millennial’s strong management team and early customer traction were key to our decision to invest.”
The financing also brings critical talent to Millennial Net’s board of directors. Naik, Mike O’Neill of Kodiak Venture Partners and John Simon of General Catalyst Partners have joined the company’s board of directors.
Millennial Net re-located its offices this month to a larger facility in Cambridge, Mass. The new offices provide room for future growth and expansion.
About Globespan
With offices in Palo Alto and Boston, Globespan Capital Partners is an independent venture capital firm focusing on information technology. Globespan has a unique position in the U.S. venture capital industry due to its ability to provide portfolio companies access to Asian customers and partners. Globespan manages several funds, including JAFCO America Technology Fund III and Globespan Capital Partners IV. Some of the firm’s investments include Aptis, Argon, Avanex, Brocade, Digital Island, edocs, Monterey Networks, Net Perceptions, Obsidian, Ocular, Pirus, Sentient Networks and Silknet Software. For more information, visit www.globespancapital.com.
About Kodiak Venture Partners
Kodiak Venture Partners is a Waltham, Mass.-based venture capital firm focused on seed and early stage investments in emerging communications/IT, semiconductor and software companies. With a focus in the eastern regions of the U.S. and Canada, Kodiak Venture Partners builds relationships with entrepreneurs seeking accelerated market success. Kodiak’s investment partners are successful high-technology business entrepreneurs who take a high-impact, hands-on approach to forming, operating, building and funding market leaders. For more information, visit www.kodiakvp.com.
About General Catalyst Partners
Founded in 2000 and headquartered in Cambridge, Mass., General Catalyst Partners is the private equity partner for entrepreneurs, early-stage companies and transformational companies that seek to build innovative software and technology platforms into industry-leading companies. By leveraging its principals’ deep operational expertise, General Catalyst Partners helps portfolio companies improve their likelihood of success through business building and partnership development assistance. Current portfolio companies include: AudioAudit (www.audioaudit.com); Avaki Corporation (www.avaki.com); IMlogic (www.imlogic.com); Imprivata (www.imprivata.com); Laszlo Systems (www.laszlosystems.com); m-Qube (www.m-qube.com); Millennial Net (www.millennial.net); Narad Networks (www.naradnetworks.com); National Leisure Group (www.nlg.com); OutStart (www.outstart.com); ProfitLogic (www.profitlogic.com); Recruitsoft (www.recruitsoft.com); SmartBargains (www.smartbargains.com); Upromise (www.upromise.com); and Venetica (www.venetica.com). For more information, visit www.generalcatalyst.com.