Everypath Nabs $60 Million in Investment Funding

Santa Clara, CA-based mobile ASP Everypath has nabbed $60 million in funding, increasing the total it has raised to date to $76 million.

The company is in a high-growth business. As wireless technology, Internet access, and content begin to merge, it's becoming essential to find ways of displaying rich data types in handheld devices, such as Palm VIIs, wireless handhelds, and "smart" phones.

Everypath offers reformatting technology that allows corporate enterprises and Web-based businesses and databases to interact with Internet appliances or wireless devices, such as Palm VIIs, two-way pagers, "smart" phones, interactive TV, and ordinary voice phones. Everypath solutions work for wireless, broadband, and voice, so that a single Web site can be simultaneously translated and "broadcast" to multiple devices, voice telephones, and even the user's living room.

Everypath's technology allows mobile device users to perform secure transactions in realtime.

The future market for mobile Web access is huge. In addition to the current 1.5 billion voice phones currently in use, 18.5 million units of information appliances will ship in 2001 versus only 15.7 million PCs. Mobile phone maker Ericsson predicts that 400 million users of mobile phone subscribers will use these devices to access the Web by 2003.

The $76 million round of financing was led by Amerindo Investments, with additional funding coming from Ignition Corp, a new wireless Internet fund started by former Microsoft executive Brad Silverberg; E*TRADE; Raza Ventures; and other venture capital firms.

Everypath is not only attracting venture capital. It boasts 50 partners in the IT arena, including HP. In April, Everypath and HP forged an alliance to co-develop and co-market a new wireless Internet service that will enable companies to deliver personalized e-services to mobile device users. HP's e-speak platform, software that enables dynamic creation of e-services, is being integrated into Everypath technology to allow multiple Web services to connect into personalized offerings for mobile device users.