NextNav, the Sunnyvale, California-based firm which offers 3D geolocation-based services like finding the location of smartphones, drones, IoT products has announced bagging $120 million in a new financing round which has come in the form of debt and equity.
Fortress Investment Group led the funding round with participation from existing backers, Columbia Capital, Future Fund, Telcom Ventures, funds managed by Goldman Sachs Asset Management, NEA and Oak Investment Partners. Before this round, NextNav had raised $8.7 million in a venture round from unnamed backers in September 2016.
Arun Raghupathy, Ganesh Pattabiraman, and Subbu Meiyappan had launched the company in 2008 in order to the indoor positioning problem. The firm has developed Metropolitan Beacon System (MBS), a technology it wants to deploy across the country. Through the MBS, NextNav can determine the positioning of mobile phones and other devices accurately. The MBS system is placed on cellular towers and it uses a cellular signal to determine the “altitude” of a device.
Ganesh Pattabiraman, the CEO of the firm talking about the financing said, "We are pleased to welcome Fortress to our investor group, and for taking the lead on a financing that we believe will have a transformational effect on location services and bring a new 'dimension (Z)' to commercial and public safety applications in the mobile, IoT and autonomous vehicles at scale.”
Managing Partner of Fortress, Drew McKnight talking about infusing capital in NextNav said, "NextNav has the technology and the vision to pioneer a fundamentally new chapter for location-based services. NextNav has built an extensive and impressive technology platform and we believe commercializing their Z-Axis service will be game-changing for the industry."
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