Good Technology – Profile
HQ: Santa Clara, CA
Founded: March 2000
Management: CEO Danny Schader has a background in consumer and enterprise sales – he had the helm at Accept.com (defunct), was GM at Amazon, and VP at Netscape. Company co-founder and former CEO Dave Wharton, who was previously John Doerr’s consigliere, launched Good as an audio attachment to Palm products. That product lacked promise, but the company had cash, so he took it into stealth mode for retooling, and when it emerged Schrader had the helm.
Investors: Round of $45M in May 2004 with Crosslink Capital (lead) BA Venture Partners, Kleiner Perkins and Benchmark Capital. Company has paid-in capital of $146M to date.
Business Model: Company sells wireless middleware that connects mobile devices, such as Blackberry, Palm and Treo, to enterprise systems including email and databases. Company has over 2K enterprise wins to date.
Competitors: RIM, Seven Networks, Visto. Visto’s fund raising rivals Good’s at a total of $160M.
Dirt: That $250M has been put into three startups in this space, really burns the ass of Softbank VC Bill Burnham. By his calculation, Good’s burn rate has been $2M per month, an awful lot for a company selling wireless middleware. And the burn rate will accelerate, as the company recently moved into a 70K Sq. foot office. Nevertheless, Good has consistently confounded critics. The company has been panned by analysts, sued by RIM, and still its besting RIM.