January 18, 2006
The local venture capital cavalcade continued yesterday, with Ottawa's Spotwave announcing it has closed an expansion round of $10 million US.
The maker of indoor wireless coverage products said the round was led by existing investors, as well as Motorola Ventures, the venture capital arm of Motorola Inc. Spotwave management and staff are also active participants, the company said.
New Products
"We are excited to have our company plans accelerated with this round of financing and welcome Motorola to our investment syndicate," said Bill Carlin, CEO of Spotwave. "The funding will extend Spotwave's marketing and distribution efforts and aid in speeding our expansion into new global markets. Additionally, this funding will enable us to develop new products that will be the catalysts for the convergence of wireless and multimedia in the home."
Spotwave's technology helps wireless equipment, such as cellphones and PDAs, work in indoor environments, where coverage is often impaired.
"Coverage has now become a strategic issue for enterprises deploying wireless applications, for carriers looking to prevent churn and win new data service business, and for home users looking to cut the cord or simply work from home. Spotwave provides products for multiple markets to ensure these tools work effectively where they are used and needed most – at work and at home," the company said in a statement.
"Spotwave's leadership in the growing in-building wireless segment complements Motorola's seamless mobility strategy and we are pleased to add Spotwave to our investment portfolio," said Warren Holtsberg, corporate vice-president, equity investments, Motorola.
2nd Big Deal
"We are impressed by Spotwave's execution in the carrier and enterprise markets and we are confident that the company's upcoming products will advance indoor wireless coverage for consumers.
Earlier this month, Ottawa's Objectworld Communications announced that it has landed $6.5 million in venture capital.
