Palm announced it has received more funding and its stock has risen 13%. Equity firm Elevation Partners has agreed to give Palm another $100 million. Elevation Partners purchased 25% of Palm in September 2007 but they will up their stake in the company. Are they crazy? They don't think so:

"We believe that Palm is in a position to transform the cell phone industry, and we are pleased to have the opportunity to make this additional investment in the company. Palm has an industry-leading team and an exciting, differentiated product roadmap. We are proud to be associated with the company and look forward to great things from Palm in 2009 and beyond."