Multipoint Networks Inc, Belmont, California has raised $8m in venture capital from a group of investors led by Advent International in partnership with Burr, Egan, Deleage. Other participants were Dougery & Wilder of San Mateo, MVP Ventures of Boston, HMS Group of Menlo Park and Draper Associates of Redwood City. About $7.5m of the new financing has gone into added working capital, and about $600,000 is to buy in shares from existing shareholders. Multipoint’s develops wireless data systems, notably the waveNET system, designed to lower costs while improving speed and response time for electronic funds transfer networks, such as those used in automated teller machine networks, branch banking operations, credit and debit card networks, and lottery and travel reservation nets.
