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Generation W: Page 7 of 8

Much of the early backing went to wireless chipset developers, a market that is now overcrowded and in the early stages of consolidation. More recent VC investments have targeted vendors of wireless systems and services, including several of those represented in our RFP analysis.

Some related findings:

• About one-third of this funding went to wireless chip companies.

• Another third went to companies focused on network operations, including software and hardware infrastructure products.

• More than $100 million was invested in the hotspot market, with two-thirds of that going to service providers/network operators and the remainder going to software and hardware companies developing products for this market.