News

NetNearU secures new funding line

July 9, 2002

COLLEGE STATION, Texas -- Kiosk software developer NetNearU Corp. has successfully closed a private funding drive that has netted the company $3.5 million. The funding will be used to upgrade the company's sales and marketing efforts in the wireless and wired public Internet access markets.

Duchossois TECnology Partners LLC led the placement of series B preferred stock. NetNearU has raised $18.4 million over the past three years.

"This capital will help us significantly bolster our sales and marketing efforts to capitalize on rapidly emerging Wi-Fi market opportunities," Larry James, NetNearU chairman and chief executive officer, said in a news release.

The company plans to expand its direct selling efforts, increase advertising, and focus on major opportunities in vertical markets.

The funding announcement comes two months after the company released its new NNU Architect and NNU Runtime Engine kiosks software platforms (See story: NetNearU launches new software line).