Multimedia SMS Developer Gets Additional Funding

The IP messaging developer, Tornado Development has secured the first closing of the Series E US$20 million round of financing. Participants for this round of funding include existing investors GE Equity, QuestMark Partners, the Intel Communications Fund and Kipco.

"Completion of this new round of funding confirms that Tornado's solutions are solidly on target. Despite very challenging market conditions, we have strong relationships with both service provider customers and the investment community," said Jeff Scheinrock, CEO of Tornado Development. "With our emphasis on enabling service providers all over the globe to arm today's users with increasingly powerful messaging and real-time communication features, we allow service providers to gradually migrate to more flexible and cost-effective IP-based platforms. The fact that we continue to deliver solutions that are uniquely positioned with a strong value proposition has made Tornado stand out as an attractive investment."

This investment will give Tornado the opportunity to further develop IP-based messaging and real-time communication solutions to carriers, mobile operators, xSPs, cable/DBS operators and telematics companies globally. "This investment is for growth into new business opportunities. It gives us the ability to leverage our existing leadership position to deploy the full promise of our Enhanced Messaging Services (EMS) and Multimedia Messaging Services (MMS) strategy to the fullest extent," says Jeff Scheinrock, CEO of Tornado Development.'"

Posted to the site on 3rd April 2002