3G Lab gathers £3m in second round funding
3G Lab gathers £3m in second round fundingChris Druce
Cambridge based 3G Lab has won £3m of second round investment from venture capitalists 3i.
The fifteen month old technology company has been backed by 3i since inception in March 2000. Initial funding for the management team was drawn from major software development, communications and device companies. Since that time 3i has helped to build the business by introducing key corporate relationships and aiding in the recruitment of the chairman Edward Astle. The further funding of £3m from 3i will allow 3G Lab to continue their growth, product and service development.
3G Lab has also appointed Bob Last as v-p of sales and marketing. Last was formerly head of 3G at Hewlett Packard Consulting and has ten year’s industry experience.
Steven Ives, CEO for 3G Lab, said: “We are delighted at the new investment from 3i and equally delighted to welcome Bob Last to the company. 3i recognised the value of 3G Lab very early on, and have demonstrated their commitment to the wireless sector at a time when many investors are shying away from the technology space.”
“Mobile operators are desperate to justify the expenditure on 3G licenses by offering interesting and workable applications on the new platform. 3G Lab are in the forefront of offering open platform software applications to enable the operators to maximise the opportunity of wireless Internet, and the team is in the process of building an outstanding wireless software company,” said Laurence Garrett of 3i’s communications team.
3G Lab specialises in the development of software for third generation (3G) mobile networks and devices. It has a product and consultancy business and, from the outset, has promoted an open standards approach to the emerging 3G world. It has been a key supporter of two significant open source initiatives in the mobile Internet domain; the eCos open source real-time operating system project and the Kannel open source WAP/SMS gateway project.