Radius Networks, Inc., the leading provider of mobile proximity beacon services, today announced the completion of a $6.5 million Series Seed C financing round. It was co-led by Core Capital Partners of Washington, DC, Contour Venture Partners of New York City, and Trilogy Partners of Bellevue, Washington.
This round, a third in a series of seed financings, brings the company's total initial funding to $8.4 million. The round included a $4.5M conversion of debt financing for the acquisition of mobile content management company 4DK in April 2014. Tim Donahue, Former CEO of Sprint-Nextel, joined the Radius Networks Board as part of the 4DK acquisition.
The funding will enable Radius Networks to accelerate the growth of its proximity network and infrastructure that support enhanced mobile user-experience features using beacon, geofencing, and other technologies. Radius Networks applications are deployed worldwide by thousands of B2C enterprises including major pharmacies, retailers, quick service restaurant chains, sports venues, museums and more.
Businesses deploy Radius Networks' hardware, software and services in an open and flexible manner that best accommodates their needs. Whether it is streamlining the drive-thru line at quick service restaurants, helping fans find seats at major sporting events, customizing the retail shopping experience, or guiding attendees through the world's largest trade show, Radius Networks technology is helping businesses engage their customers with the right services at the right place and the right time. In January, Radius Networks built the first wide scale indoor beacon-based navigation system for the International CES convention in Las Vegas. Almost a thousand Radius Networks' beacons were used to help attendees guide their way through over four million square feet of exhibit and meeting space using the CES mobile app.
'CES is all about innovation and leveraging next-generation technologies,' said Karen Chupka, senior vice president, International CES and corporate business strategy, CEA. 'We were excited to partner with Radius Networks to implement this new BLE-powered navigation system. This new service supports our goal to continuously provide our attendees with new tools to enhance their show experience.'
'Our technology innovation, outstanding team and ability to deliver and execute for our customers have established Radius Networks as the leader in the location and proximity services market. Heightened Interest in beacon proximity solutions has led to strong demand for Radius Networks' beacons, software and services,' said David Steinberg, Radius Networks' Chairman.
'The demand for proximity solutions is soaring across many vertical markets. Radius Networks customers span a wide range of industries including retail, restaurants, sports and entertainment, advertising, conventions, museums, education, and manufacturing,' added Steinberg.
'This funding will help Radius Networks execute on assuring that our customers' proximity projects are successfully deployed and productive,' said Marc Wallace, Radius Networks' Co-Founder and CEO. 'We are confident in our ability to keep Radius Networks in its market leadership position. Our recent funding comes from a group of great technology investors with deep industry knowledge and clout.' 'Hold on tight, we are going to see an explosion of beacons into the marketplace in 2015.'
To find out more about Radius Networks' products and services or to purchase, visit http://www.radiusnetworks.com or Amazon.com.
About Radius Networks
Radius Networks creates new and innovative ways to use wireless device signals for proximity and presence detection. Radius Networks' cloud-based proximity services are used by major retailers, restaurant chains, sports teams, arenas, and other brick-and-mortar operations to generate business intelligence and drive novel customer engagement, including targeted mobile offers, mobile app improvements, integrated payments, dynamic digital signage, and personalized concierge services.