Laguna Hills-based Bitfone Corp. has scored another big-name investor: Qualcomm Inc.
The venture arm of the San Diego-based wireless technology company made an undisclosed investment in Bitfone on Tuesday, the companies said.
Gene Wang, founder and chief executive of Bitfone, called the investment small but strategic. Qualcomm is set to have an observer seat on Bitfone’s board, he said.
Paul Jacobs, son of Qualcomm founder Irwin Jacobs, signed off on the investment, Wang said. Paul Jacobs was named Qualcomm chief executive on Tuesday.
Bitfone plans to use the money to pursue patents on its software, Wang said.
The company makes software that allows wireless service providers to send software updates to a user’s phone via their networks.
Bitfone’s product allows phone makers and service providers to try and fix defective phones with software, rather than having to replace them.
Existing Bitfone investors include Finland’s Nokia Corp., Westwood, Mass.-based Prism Venture Partners and Singapore’s Flextronics International Ltd.
Bitfone had about $57 million in funding before the Qualcomm deal, making it one of the county’s best-funded technology startups.
The company licenses software to customers and also provides support services. Rivals include Britain’s Insignia Solutions PLC and DoOnGo Technologies Inc. of Silicon Valley.
