Subj: New Venture
Date: 4/15/2001 9:22:27 AM Central Daylight Time
From: kmages@prodigy.net (Kenneth G. Mages)
To: ronaldmay@aol.com
Ron,
I have received initial funding for a new wireless venture here in
Chicago! Raising capital in this market was far more difficult and took
much longer than I expected. I would be happy to discuss the
revolutionary product and service we will be bringing to market.
Best regards,
kgm
Ken Mages
24 Hour Pager 888.763.5842
Efax 603.388.8050
__________
I spoke with Ken Mages late this afternoon. He told me that he has a
provisional patent application for a wireless technology product and
that he has until April 22 to file for the utility patent. Consequently,
he will not be able to reveal the details of what his product can do
until that utility patent application has been filed. He offered to tell
me on a confidential basis what the product is, but I told him that I
know myself too well and that I probably wouldn't be able to keep my
mouth shut. What he did tell me was that it is a wireless product tied
to the entertainment field and he said that it is potentially a "killer
app for the data part of wireless." What makes it a killer app is that
it will drive people to use wireless data.
He received $200,000 in angel funding from a local investor last week,
and he is looking at matching funds coming from bigger investors outside
of Chicago by the end of the month. The matching funds would be in the
form of a Series A between $1MM and $5MM. Ken explained to me that he
has never moved his family out of Chicago, even though he spent a year
living in New York and another year in North Carolina during the past
three years.
If you recall, Ken started a company in Chicago called HyperLOCK, for
which he raised $12MM; he left the firm in 1998. They are still in
business and actually generated $1.8MM in revenue last year, and they
are still getting funded. The reason is that their technology is what
you might call "anti-Napster," namely a music protection scheme.
I told Ken that we would talk further within the next week, and he told
me that he would give me the story on his new venture first.
[ Did you check the archives? http://www.appelsiini.net/keitai-l/ ]
Received on Thu Apr 19 21:09:01 2001