NEW ORLEANS--- WaveMarket Receives Strategic Funding From QUALCOMM
WaveMarket, (www.wavemarket), a pioneer in location-based and mobile blogging services, announced it has raised financing from QUALCOMM Incorporated (NASDAQ:QCOM) . WaveMarket will use the proceeds to drive the success of their Crunkie service platform (mobile location-based social network), alert solutions and location-based platform by providing concentrated support to their growing list of wireless carrier customers.
"We felt that WaveMarket uniquely combines core technology skills with innovative product design in the important area of location-based services," said Prashant Kantak, senior director of business development for QUALCOMM Ventures. "We believe WaveMarket is very well positioned to strongly contribute to the growth in the location-based services market. WaveMarket's platform is well suited to help application developers maximize the value-added capabilities of the position location infrastructure installed by 3G CDMA operators."
"QUALCOMM is the undisputed leader in location-based technology. We are proud to forge an investment relationship and to become part of the QUALCOMM Ventures portfolio," said Tasso Roumeliotis, CEO of WaveMarket. "The investment allows WaveMarket to expand sales, customer support and engineering resources to meet the demand for WaveMarket's WaveIQ(TM) suite of products, and will accelerate our efforts to convert any mobile phone into an on-location broadcaster."
WaveIQ consists of three software products, all available now:
-- Crunkie -- a location-aware mobile social network that allows friends to locate each other as well as share location-tagged blog posts.
-- Map.Me -- a mobile phone map interface and platform that allows users to pan/zoom and experience dynamic mobile city guides.
-- WaveAlert -- server that allows users to be notified whenever they enter or leave a designated area -- proximity-based alerts. Set "geofences" around important assets or be notified if your friends are nearby.
About QUALCOMM
QUALCOMM Incorporated (www.qualcomm.com) is a leader in developing and delivering innovative digital wireless communications products and services based on the Company's CDMA digital technology. Headquartered in San Diego, Calif., QUALCOMM is included in the S&P 500 Index and is a 2004 FORTUNE 500(R) company traded on The Nasdaq Stock Market(R) under the ticker symbol QCOM.
About WaveMarket
WaveMarket Inc. is a pioneer in location-based alerts and blogging. WaveIQ, the company's software product suite, enables users to receive notifications based on user movements or location triggers. It is the world's first carrier-grade location trigger solution. WaveIQ also allows mobile-handset users to spot and broadcast text and rich media to peers, groups or the world. Marketing to mobile carriers in the United States, Europe and Asia, WaveMarket's customers include, SK Telecom, Korea's leading wireless carrier, Bell Mobility, Canada's largest communications company, and AT&T Wireless. Headquartered in Emeryville, CA, WaveMarket has offices in Korea. Founded in 2000, the company is financed by Draper Fisher Jurvetson, Nokia Venture Partners, Intel Capital, and Telecom Italia. (http://www.wavemarket.com/)
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