Boston Reports $215m Invested in Local Mobile Companies in Q1 2009

A local trade association has reported that US$215 million was invested in Massachusetts mobile companies in Q1 2009. Mobile Monday Boston notes that this figure makes Q109 the biggest for mobile investment in the last five quarters. These funds were raised by 11 mobile companies.

Burlington-based Nuance Communications lead the investment with the January sale of 17.4 million shares of stock, valued at $175 million. Wireless infrastructure company Quantia Communications, enterprise mobile software organizations Onset Technology and Vela Systems, mobile advertising firms Quattro Wireless and video-focused Extreme Reach and more all raised VC dollars. Massachusetts is home to companies across the mobile and wireless value chain.

Quattro Wireless, mobile's largest premium publisher ad network , raised $10 million in Q1 2009. "Massachusetts is the best place to run a successful mobile company. Locally we have a strong culture for networking, an established venture capital community, and a very talented pool of employees," said Andrew Miller, CEO of Quattro Wireless.

"Despite reports of widespread venture capital decline, mobile investment in Massachusetts is still on the rise," said Kate Imbach, co-founder and organizer of Mobile Monday Boston. "Boston is quickly establishing itself as the worldwide hub of mobile and wireless."

Posted to the site on 26th April 2009