BOSTON-Metro Wi-Fi location systems provider Skyhook Wireless said it raised $6.5 million in its first round of Series B financing.
The company stated that Bain Capital Ventures led the round, along with Intel Capital. Existing investors Innovent, an entrepreneurial division of Nokia Corp., and CommonAngels also participated in the round, bringing the total amount of funds raised to $8.3 million.
In addition, Skyhook Wireless said Ajay Agarwal, venture partner with Bain Capital Ventures, will join its 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 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.”
Skyhook explained that its Wi-Fi Positioning System utilizes Wi-Fi rather than GPS or cell towers to pinpoint location of any Wi-Fi-enabled device within a national location network covering 70 cities.
“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,” said Ted Morgan, founder and chief executive of Skyhook Wireless.
