World Cup Draws Big Fans From San Diego’s Innovation Elite, Mushroom Networks Targets Internet Bottlenecks, SmartDraw Aims for a Bigger Market, & More San Diego BizTech News
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San Diego company. SmartDraw has shown slow-but-steady growth as a niche developer of graphic design software for ordinary people. But Stannard envisions a much-larger market among the 95 percent of business software users who do not use a graphic or diagramming software of any kind.
—San Diego’s Fallbrook Technologies inked a deal with China’s Chengdu Bus Co. to put its accessory drive technology into buses made for use in the Chinese market. Fallbrook CEO William Klehm said the deal represents “a major validation” of Fallbrook’s technology and its “potential to deliver fuel efficiencies for vehicle manufacturers.”
—SmartDrive Systems expanded its targeted funding round to $28.5 million. The San Diego venture-backed company uses video recording technology and Web-based services to help motor vehicle fleet managers reduce their costs.
—San Diego’s On-Ramp Wireless raised $4.5 million out of a planned $18 million round of equity and debt. The company launched its low-cost, long-range wireless networking technology last September.