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Fon Secures $14 Million in Financing

January 29, 2014

Fon, a global WiFi sharing network, has announced the completion of its financing totaling $14 million ( 10.3 million Euros ). In a release, the Company said that Qualcomm Inc. , through its venture capital arm, Qualcomm Ventures , led the fundraising round, underscoring its relationship with Fon as a strategic investor. Fon said that it is in the process of developing a new Fon router that combines social WiFi with social music, based on a chipset from Qualcomm Atheros Inc. , a subsidiary of Qualcomm Inc. This new router is expected to be available from Fon in the first half of 2014. At the same time, Qualcomm Atheros is integrating Fon as a feature, available via SDK for its chipsets, making it easier for WiFi router manufacturers who use Qualcomm Atheros' chipsets to integrate Fon. Other investors participating in the round include Fon's existing investors: Index Ventures , Google , Coral, Atomico and Deutsche Telekom (DT). "The amount of this round and the caliber of investors will propel us into our next stage of growth," said Martin Varsavsky, CEO, Fon. "We are excited about our new relationship with Qualcomm , which is an amazing company and a leader in mobile data communication. By integrating Fon into Qualcomm Atheros' chipsets, more devices and systems will be automatically equipped to be part of Fon's global WiFi network." "Fon's unique approach to crowd-sourcing WiFi is going to play an increasingly instrumental role in the future of mobile data," said Miles Kirby , senior director for Qualcomm Ventures . " Qualcomm is leading the 1000x mobile data challenge, and Fon fits perfectly into our vision to solving the increasing demand for data." Fon said it will use the funds to build out its presence in the U.S. as well as expand its reach into new geographies worldwide. It will also fund new product development, including a new Fon router and its newly developed "WiFi for Business", a WiFi solution for Small and Medium Businesses that is expanding the concept of Social WiFi into businesses. "We expect to reach 35 million WiFi hotspots by 2016," said Varsavsky. "Our recent expansion in the U.S. and projects such as our work with the Downtown Brooklyn Partnership to provide downtown Brooklyn residents, businesses and public with free WiFi are all a part of the strategy to reach that goal." More information: www.fon.com ((Comments on this story may be sent to health@closeupmedia.com ))


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