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Fon closes USD 14 mln funding round led by Qualcomm
2014-01-20 16:40:00| Telecompaper Headlines
(Telecompaper) Global Wi-Fi network Fon has completed financing totalling USD 14 million (EUR 10.3 million). Qualcomm, through its venture capital arm Qualcomm Ventures, led the fundraising round, underscoring its relationship with Fon as a strategic investor. Fon is in the process of developing a new Fon router that combines social Wi-Fi with social music, based on a chipset from Qualcomm Atheros. This new router is expected to be available from Fon in the first half of 2014. At the same time, Qualcomm Atheros is integrating Fon as a feature available via SDK for its chipsets. Other investors participating in the round include Fon's existing investors: Index Ventures, Google, Coral, Atomico and Deutsche Telekom. Fon will use the funds to build out its presence in the US as well as expand its reach into new geographies worldwide. It will also fund new product development, including a new Fon router and its newly developed "Wi-Fi for Business," a Wi-Fi service for small and medium businesses that is expanding the concept of social Wi-Fi into business.
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Category:Telecommunications