Palm Dedicates $50 Million to Help Palm-Related Companies

Palm, Inc. today announced that it has created Palm Ventures, a new organization designed to make strategic investments in companies that will grow, enhance, and support the Palm Economy. "The handheld market is growing, and Palm is committed to investing in opportunities that will accelerate this growth,'' said Robert Hayes, Director of Palm Ventures. They initially have $50 million to spend.

Companies who receive money by Palm Ventures will have opportunities to create other types of business relationships with Palm. Doug Solomon, Chief Strategy Officer at Palm said "Companies funded by Palm Ventures will have a unique opportunity to work with Palm and leverage the resources and business opportunities that Palm has to offer.''

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