Bono’s VC Firm Elevation Doubles Down On Palm (PALM)


Palm’s (PALM) future will be written in the next few weeks, when the company debuts its make-or-break “Nova” smartphone platform on Jan. 8 at CES.

But here’s one early endorsement of Palm’s efforts to rejuvenate its product line: Investor Elevation Partners is dumping an additional $100 million in the company. The money will “put added momentum behind the new product introductions scheduled for 2009” says CEO Ed Colligan.

Palm has been keeping “Nova” shrouded in Apple-like secrecy, but Colligan has early said he’s aiming for a device at the “fat middle” between RIM’s (RIMM) work-capable Blackberrys and Apple’s fun-oriented (AAPL) iPhones.

Elevation, in case you’ve forgotten, is the VC firm run by, among others, two Valley rock stars: Roger McNamee and Bono.


See Also:
Palm’s New Smartphone Platform Coming Jan. 8
Palm: Fall Sales Horrible, Slashing Costs