February 24th, 2005
Executives from Genesis Campus Funds announced they will form a new fund centered on wireless. Headed by wireless veterans Roman Kikta, Frank Lee, Michael Buckland and Wu-Fu Chen, the new Mobility Ventures II fund will raise between $75 million and $150 million.
“By the end of this year an estimated 2 billion people worldwide will have a wireless connection and device, and the market will continue to grow and evolve into a second generation of ‘always on’ consumers with the total wireless market approaching $1 trillion by 2010,” Kikta said. “So we are only at the beginning of a global wireless revolution.”
The new firm will consider investments in wireless network infrastructure, hardware and equipment, semiconductors, components, new material (including nano-materials), middleware, devices, software applications and services.
Following the drought of the past several years, venture capital firms are now beginning to open up to wireless and other industries. Indeed, Nokia Venture Partners recently renamed itself BlueRun Ventures, a move that included a new $350 million fund.
Entry Filed under: Venture Deals