InnerWireless takes on $9.5M in debt for in-building wireless
InnerWireless didn’t try to be too creative when choosing their name — they are more or less what the name says. The company provides a platform that links and extends various wireless networks including WiFi, ultrawideband and passive RFID signals within buildings like hospitals.
That platform is used for two main services the company offers: One, Horizon, unifies wireless to guarantee reliable, standards-based access within a building; the other, PanGo, is a location-based technology for tracking assets (whether those are people or objects).
The company is doing rather well, according to a recent announcement reporting that it had already booked $10 million in orders from the healthcare industry during the first three months of 2008. It also claims to be the only standards-based platform in its market.
Silicon Valley Bank provided the $9.5 million debt financing. InnerWireless had previously raised about $25 million in private equity financing by 2002, although no records show whether the company took funding afterwards. It’s based in Dallas, Texas.
Next Story: FloDesign gets $200K from MIT competition for better wind turbines
Previous Story: Digital media-focused Mailroom Fund makes first investment, in a social network metrics company
About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.