Tablet PC Leader Accelerating Business with Series-C Growth Capital
Austin, Texas, December 20, 2004 – Motion Computing® today announced it has raised $25 million in its third round of venture funding. A top-tier provider of slate tablet PCs worldwide, Motion offers ultramobile computing and wireless communications products and expertise for mobile healthcare, field sales and services, education and government workers.
Institutional Venture Partners (IVP), a premier Silicon Valley-based venture capital firm, led the financing with a $15 million investment. IVP recently closed IVP XI, a $300 million fund dedicated to investing in expansion-stage information technology companies. The new fund brings IVP’s cumulative committed capital to more than $1.6 billion.
New Enterprise Associates (NEA), the leader of Motion’s prior round of funding, is a major participant in this round, contributing $8.5 million. The remaining $1.5 million is from SVB Capital, the investing arm of Silicon Valley Bank (SVB), and Motion Series A and B investors, including Austin-based G-51 Capital.
With this announcement, Norm Fogelsong of IVP joins Motion’s board of directors. Fogelsong is managing director of IVP with more than 25 years of venture capital experience. Throughout his career, Fogelsong has led venture investments in many of the world’s most respected technology companies.
In 2004, Motion continued its history of product innovation and sales success with the industry’s first third-generation tablet PC, the award-winning Motion M1400. Motion has launched a wide array of mobile accessories and peripherals for its ultramobile computers, rapidly expanding its value-added software and peripherals business. With these accomplishments, Motion has grown dramatically in the U.S. and Europe and has an established base of top-tier customers in healthcare, pharmaceutical sales, insurance, education and other vertical markets. With business and industry recognition of its management team, an efficient build-to-order business model, and innovative products, Motion has enjoyed a successful year.
“We will use this growth capital to accelerate our worldwide business momentum and offer even more to customers who value excellence in ultramobile computing products, peripherals, services and industry-specific expertise,” said Scott Eckert, CEO, Motion Computing. “Having the confidence and endorsement of world-class partners such as IVP and NEA validates our business model and our success.”
“We invested in Motion Computing because of its proven set of innovative products and accessories, its revenue growth and our fundamental belief in its management team,” said Fogelsong of IVP. “This expansion-stage financing affords IVP the opportunity to invest in a high-potential, global mobile technology business.”
“Motion has quickly grown to be a mid-sized company offering tremendous value to their customers,” said Dick Kramlich, co-founder and general partner of NEA. “We continue to be impressed with Motion and believe that this additional financing will enable the company to realize its potential as a leader in its category.”
Motion Computing closed $6.5 million in Series A funding in August 2002 and $11.2 million in Series B funding in November 2003.
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, M1300 and M1400 Tablet PCs and accessories are designed for healthcare, field sales and services, education and government users who need a combination of true mobility, power and versatility.
For more information, visit www.motioncomputing.com
About Institutional Venture Partners
With more than $1.6 billion of cumulative committed capital, IVP is one of the nation’s premier venture capital firms. Founded in 1980, IVP has invested in more than 200 privately held companies, of which more than 80 have gone public and more than 40 have been acquired. IVP has invested in such notable companies as @Road (ARDI), Altera (ALTR), Artisan Components (ARTI), Aspect Communications (ASPT), Atmel (ATML) Cirrus Logic (CRUS), Clarify (CLFY), Concur Technologies (CNQR), FormFactor (FORM), Foundry Networks (FNRY), Juniper Networks (JNPR), LSI Logic (LSI), NetFlix (NFLX), Polycom (PLCM), Seagate (SGAT), Sequent (SQNT) Tivo (TIVO) and Websense (WBSN). IVP has offices in Menlo Park, California, and San Francisco.
For more information, visit www.ivp.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 more information, visit www.nea.com
Product and company names herein may be trademarks or registered trademarks of their respective owners.
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| Media Contact: | Tricia Traeger Motion Computing (512) 637-1153 ttraeger@motioncomputing.com |
Norm Fogelsong Institutional Venture Partners 650-854-0132 nfogelsong@ivp.com |
| Tracy Howe New Enterprise Associates (410) 244-0115 thowe@nea.com |