MOUNTAIN VIEW, CA, Global leader in high-accuracy, software-based wireless location solutions completed a Series C financing with $10 million from Industry Ventures.
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Polaris Wireless, the global leader in high-accuracy, software-based wireless location solutions, today announced that the company closed on a recapitalization of existing equity interests on April 25, 2013. As part of the recapitalization, Polaris Wireless completed a Series C financing with $10 million from Industry Ventures, a leading investment firm focused on the venture capital market, and Industry Ventures Managing Director Victor Hwang has joined the Polaris Wireless Board of Directors.
"Industry Ventures seeks to invest in market leading growth companies and we believe Polaris Wireless is a clear leader in the wireless location market," said Hwang. "We are very excited about Polaris Wireless' strong growth trajectory and global presence, and look forward to working with Manlio Allegra and the senior team at Polaris Wireless in their next chapter of growth."
The investment by Industry Ventures also returned capital to Series A investor Draper Fisher Jurvetson (DFJ) and will also be used to fund Polaris Wireless' future international growth.
"We look forward to an exciting new growth chapter for our company with Industry Ventures by our side," said Manlio Allegra, Polaris Wireless CEO and Co-founder.
Polaris Wireless has emerged as a leader in the wireless location services market, with a record increase in revenue and profitability in 2011 and 2012, driven by aggressive growth for its location solutions across the globe. Twenty-four U.S. wireless carriers, six managed services partners, and fifteen international deployments now rely on Polaris Wireless location solutions to enable emergency call applications, lawful and mass location surveillance, and other location-based services.
About Polaris Wireless
Headquartered in Mountain View, Calif., Polaris Wireless is the global leader in providing high-accuracy, software-based wireless location solutions to wireless operators, law enforcement/government agencies and location-based application companies. Since 2003, Polaris Wireless has successfully completed 39 global deployments " 15 for lawful location surveillance and LBS in Asia and EMEA, and 24 to meet FCC E911 Phase II requirements in the US. The company has offices in Dubai, U.A.E., Bangalore, India, London, UK, and Santiago, Chile.
Polaris Wireless is the recipient of the prestigious Frost & Sullivan "2011 Enabling Technology of the Year" award and was named to the 2012 Inc. 5000 list of fastest-growing private companies, recognizing the company's accomplishments and leadership in developing location solutions. The company participates in location committees and other groups within the 3GPP and OMA standards setting bodies, and also participates in regulatory and industry bodies related to E911, lawful location surveillance, and location-based services. For more information about Polaris Wireless, please visit http://www.polariswireless.com.
About Industry Ventures LLC
Industry Ventures is a leading investment firm focused on the venture capital market. The firm manages a family of funds that invest in secondary direct investments, limited partnership interests and other special situations. Founded in 2000, the firm manages over $1 billion of institutional capital and is headquartered in San Francisco with an office in Washington, D.C. For more information, please visit www.industryventures.com