AUSTIN, Texas, Nov. 3, 2003 - Motion Computing, a top-three provider of slate tablet PCs and an innovator in ultramobile computing and wireless communications, today announced $11.2 million in Series B funding to accelerate its growth in domestic and international markets.
The investment is led by one of the world's most successful venture capital firms, New Enterprise Associates (NEA), which has $5 billion under management and specializes in information technology and healthcare companies.
NEA is investing $10 million. The remaining $1.2 million is being funded by several Series A investors, including G51 Capital of Austin.
Concurrently, Motion Computing announced that industry veteran Jimmy Treybig is joining its board of directors. Treybig, principle founder, president and CEO of Tandem Computers, currently is chairman of ClearCommerce and WholeSecurity.
In less than a year following the introduction of the industry's most ultramobile PC category, Motion Computing has leveraged its product design innovations and an efficient, build-to-order business model to become a top-tier provider of tablet PCs. Motion has won acclaim for its innovative 12.1-inch display, lightweight tablet PC design, and for being at the forefront of second-generation tablet PC development. The company delivered the first slate models based on Intel Centrino mobile technology and has developed patent-pending mobile computing accessories such as its space-saving hardtop keyboard.
"With early growth and profitability, we want to take advantage of our business momentum and an attractive market opportunity," said Scott Eckert, president and CEO of Motion Computing. "This investment will accelerate our business geographically - primarily in Europe and the U.S. - allow us to broaden our product portfolio and further develop our key vertical markets such as healthcare, field force automation, government and education."
"We will also benefit from the experience of Jimmy Treybig, one of the most respected leaders in the information technology industry," Eckert added.
"We are impressed with Motion Computing's product and the strength of their management team," said Dick Kramlich, co-founder and general partner of NEA. "A number of our partners are using the Motion Computing product and the feedback has been remarkable. Motion Computing has achieved exceptional success to date and we look forward to helping them build a business of enduring value."
Motion Computing closed $6.5 million in Series A funding in August 2002.
About Motion Computing
Motion Computing - a tablet PC market leader - combines world-class innovation and industry experience, enabling people to use computers in new ways and places. Marketed directly through its Web site and an experienced international reseller network, each Motion product is built to customer specifications. The company's award-winning M1200 and M1300 Tablet PCs and accessories are designed for users who need a combination of true mobility, power and versatility.. For more information, visit www.motioncomputing.com
About NEA
New Enterprise Associates (NEA) is a leading venture capital firm investing in information technology and healthcare companies. Practicing classic venture capital for 25 years, NEA focuses on early stage investments, playing an active role in assisting management to build companies of lasting value. With $5 billion under management, NEA's experienced management team has invested in over 500 companies, of which more than 135 have gone public and more than 150 have been acquired. NEA has offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland. For additional information, visit www.nea.com.
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Editor's Note: Motion is the third-largest provider of slate tablet PCs in the U.S. based on IDC's 2Q03 PC Tracker results.
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| Media Contact: | Tricia Traeger Motion Computing (512) 637-1153 ttraeger@motioncomputing.com |
>Tracy Howe New Enterprise Associates (410) 244-0115 thowe@nea.com |