SPOTLIGHT: Siemens to shut down its telecom VC arm?

According to reports circulating the Internet, Siemens Acceleration in Communications is shutting down and plans to sell off its portfolio companies within the next three weeks. The global group started out as Siemens Mobile Acceleration and pursued early-stage opportunities in wireless. The group renamed earlier this year with $100 million to invest over the next five years in a wide range of communications companies. The group recently added GlooLabs (remote access software for multimedia content) and Sweden-based NordNav (global positioning systems) to its portfolio. Siemens has not yet commented on the reports. Blog