Israeli start-up handset firm, Modu is reported to have secured US$100 million in funding from investors and is expected to confirm this formally within the next few weeks. Local business newspaper, The Globe reports that the commitments were made on the basis of valuation for Modu of $150 million before money. The company is now in the process of completing its presentations to existing and new investors, both locally and overseas.
modu, which aims to develop a core handset which can be slotted into "jackets" which then personalise it based on the users needs - was established in early 2007 by Dov Moran, founder and CEO of msystems, inventors and leaders of the USB flash drive market (DiskOnKey), FlashDisk (DiskOnChip) and other ground-breaking products. The company was acquired by SanDisk for $1.6B billion at the end of 2006.
modu says that it has already developed key relationships with leading partners and manufacturers and has raised significant initial funding from a distinguished group of financial institutions and strategic investors.
Posted to the site on 25th March 2008
Posted to: www.cellular-news.com/story/30081.php