Skyhook Wireless Closes $6.5 Million In Venture And Corporate Funding Round
Bain Capital Ventures and Intel Join Innovent, Nokia as New Investors in Wi-Fi Location Provider
BOSTON, MA - December 20, 2005 -- Skyhook Wireless, provider of the industry's first Wi-Fi based metro-area positioning system, today announced it has secured $6.5 million in a first round of venture capital and new corporate financing. Series B participants included new investors Bain Capital Ventures, which led the round, and Intel Capital. Existing investors Innovent, an entrepreneurial innovation unit in Nokia, and CommonAngels also participated in this round which brings total funds raised to $8.3 million. Ajay Agarwal, venture partner with Bain Capital Ventures, will join Skyhook's Board of Directors.
The market for reliable and easy-to-deploy location technologies is enormous, ranging from E911 and local search to personal navigation and asset tracking, said Ajay Agarwal,. "We were attracted to the Skyhook positioning approach that relies on industry standard Wi-Fi technology which is being built into a myriad of devices from laptops to digital cameras to wireless VOIP phones. We are excited to lead Skyhook Wireless' first round of venture funding and look forward to contributing to its success"
Intel has played a pivotal role in the explosive growth of Wi-Fi enabling new applications for service providers, enterprises and consumers. Our investment in Skyhook Wireless underscores the continued evolution of this technology, said Scott Darling, vice president, Intel Capital. Through our research work with Place Lab (www.placelab.org) we have explored next-generation location technologies for several years and our investment in Skyhook Wireless is an extension of that focus.
Skyhook's location technologies enable the creation of innovative and valuable user experiences as the next generation of Wi-Fi enabled mobile devices come to market, said Stephanie Keller-Bottom, director, Innovent. "We are proud to continue our support for Skyhook Wireless by participating in this round and look forward to collaborating with the team at Skyhook to explore the evolution of these exciting new market opportunities to deliver mobile location-based services using their unique capabilities."
This round of funding, with significant contributions from a top-tier venture capital firm and two of the world's most prestigious corporations, further validates the uniqueness of our technology and ability to deliver reliable location capabilities today, said Ted Morgan, founder and CEO, Skyhook Wireless. "This new funding allows us to accelerate our coverage expansion in the United States as well as to begin our expansion into Europe and Asia. Attracting high-quality investors is a strong testament to our ability to deliver significant value to device makers, application and service providers, and search engines."
The Wi-Fi Positioning System (WPS) from Skyhook Wireless is the first indoor-outdoor positioning system that utilizes Wi-Fi rather than GPS or cell towers to accurately pinpoint location. The Skyhook solution includes a national location network covering the top 70 cities in the United States that can accurately pinpoint location on any Wi-Fi enabled device. Because WPS requires no specialized hardware, works inside or out and acquires a location in less than a second, it solves the problems associated with existing location systems. The Skyhook system also integrates both GPS and IP location technologies on top of its core Wi-Fi positioning in order to provide the optimal location readings at all times.
About Skyhook Wireless
Founded in 2003, Skyhook Wireless has pioneered the development of the first-ever metro-area positioning system that leverages Wi-Fi rather than satellites or cell towers to deliver precise location data supporting the growing market for location-based services. The Skyhook Wi-Fi Positioning System (WPS) requires no new hardware, works indoors and outdoors, provides an instant location and is more accurate than current technologies in congested downtown areas. Skyhook Wireless is headquartered in Boston, MA and is privately held. For more information on the company and its Wi-Fi positioning system, visit www.skyhookwireless.com, send email to firstname.lastname@example.org or call 781.898.0495.
About Bain Capital Ventures
Bain Capital Ventures, the venture capital arm of Bain Capital, leverages the institutional advantages and consulting-based approach of Bain Capital to build industry-leading businesses. Focusing on sectors such as software, wireless, healthcare, business services, and consumer, Boston-based Bain Capital Ventures benefits from the broader resources of Bain Capital, which includes over 200 investment professionals, a network of over 225 portfolio companies, over $25 billion of assets under management, and the knowledge from 20 years of successful venture investing. For more information, visit www.baincapitalventures.com
About Intel Capital
Intel Capital, Intel's venture investment program, focuses on making minority equity investments to grow the Internet economy in support of Intel's strategic interests. Intel Capital invests in hardware, software and services companies in several market segments, including computing, networking, and wireless communications. Intel Capital has invested more than US$4 billion in approximately 1,000 companies in more than 30 countries since 1991. Since its inception, about 160 portfolio companies have been acquired by other companies and another 150 have gone public on various exchanges around the world. Intel Capital employs investment managers in about 25 countries worldwide. Last year alone, Intel Capital invested more than US$130 million in about 110 deals with approximately 40 percent of its investments made outside the United States. For more information, visit www.intel.com/capital.
Innovent, an entrepreneurial innovation unit in Nokia Ventures Organization, connects to the pulse of emerging markets to explore innovation options for Nokia. Innovent offers a collaborative environment for early-stage entrepreneurs working on concepts that facilitate connections between people, their communities and the things that matter to them. Innovent offers expertise and resources to clarify the opportunity behind their visions and accelerate the process between concept development and commercialization, within a framework of mutual trust. http://www.nokia.com/nokia/0,,54249,00.html
Named after the Boston's historic public meeting grounds, CommonAngels is a group of 65 leading private investors and several dozen limited partners in two co-investment funds. Since 1998, CommonAngels has funded 28 companies with over $30 million from CommonAngels and over $100 million from co-investors. www.commonangels.com
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