Coral Systems Inc, Longmont, Colorado, provider of real-time software products for the wireless industry, has completed a $4.5m equity financing with four firms. The financing was put up by Bessemer Venture Partners of Boston and San Francisco, Vertex Management Inc of San Francisco and Singapore, Wall Street investment banker Unterberg Harris, and Adams Capital Management/Patricof & Co. Coral says the new financing will enable it to accelerate product development and expand marketing, as well as servicing its overseas customers.
Timeline Vista Inc, Vista, California builder of workstations for the digital audio marketplace, has raised $2.8m in an equity placing with Crosspoint Venture Partners, Aspen Ventures and several private investors. Vista’s workstations and software provide high-end recording and editing capabilities. Following what the company describes as a flurry of sales to major film studios in autumn 1994, it has just announced sales of a further 23 workstations, including five to Studio Babelsburg, Berlin, Germany, and Denmark Radio have bought six.
Sierra Wireless Inc, Richmond, British Columbia, modem maker, has completed its second round of financing but is not saying how much it has raised. The funding comes from venture capitalist Charlie Bass, one of the founders of Ungermann-Bass Inc, Sierra Semiconductor Corp and MPR Teltech Ltd, the latter two companies having also funded the first round of financing. Sierra Wireless makes Cellular Digital Packet Data standard modems aimed at the mobile office market, and this second round of funding, says the company, will position it to take advantage of what it believes is a growing market.
