Dow Chemical's VC arm Joins Spotwave's Investment Syndicate
Ottawa Ontario - May 11, 2006 – Spotwave Wireless today announced that it has closed the second tranche of its most recent funding round with a US$2.5 Million investment including participation from Dow Corporate Venture Capital (DCVC), the VC arm of The Dow Chemical Company (NYSE: DOW) and the company's existing investors, bringing the total of this round to $12.5 Million.
DCVC invests in novel and game-changing technologies capable of supporting significant new business. Spotwave delivers this type of disruptive technology to the wireless space by addressing both commercial markets and previously underserved residential market segments with their intelligent indoor wireless coverage products.
“We're pleased to have Dow Corporate Venture Capital join our investment syndicate and will leverage the investment to increase our sales and marketing efforts focused on our two key product lines serving enterprise and residential market segments,” said Philip Ladouceur, CEO, Spotwave Wireless. “With coverage becoming an important issue for businesses deploying wireless applications, for carriers looking to prevent churn and win new data service business, and for individual subscribers looking to get more from their wireless tools, Spotwave's products are critical enablers for wireless use both at work and home.”
Both enterprises and consumers are increasing their investment in and use of wireless technology to ensure efficient reliable communication, for use in both home and office spaces. But there are millions of locations around the world where indoor wireless coverage is impaired, rendering devices inefficient or useless.
Spotwave is the only company providing intelligent solutions to address a range of in-building environments from large enterprise locations to small and home offices. Spotwave has a proven track record in providing coverage improvement solutions to and through the top tier wireless carriers, a high growth strategy with large distribution partners to deliver volume product to enterprise customers, as well as solutions for the home.
The initial close of this most recent investment round was announced in January of this year and includes existing investors Newbury Ventures, VenGrowth Private Equity Partners, Primaxis Technology Ventures, VentureLink Fund, The GrowthWorks Canadian Fund and Motorola Ventures.
Dow Corporate Venture Capital has invested over $350 million in businesses based on Life Sciences & Biotechnology; Communications & Information Technology; and Physical Sciences. Dow invests, in part, through institutional venture capital firms, and also directly in start-up companies. The Dow Corporate Venture Capital team has developed a broad network of VC partners that specialize in Dow's targeted investment markets and geographies. Dow Corporate Venture Capital's investment professionals are widely experienced in discovering new investment opportunities, and supporting portfolio companies. Territories in which Dow is actively managing investments include North America, Europe and Asia.
Spotwave Wireless provides carrier-approved, intelligent indoor coverage solutions that seamlessly bring the outdoor signal inside – ensuring that cell phones and wireless devices work reliably indoors. Changing the economics of in-building wireless coverage, Spotwave's solutions are cost-effective, quick and easy to install, and require no maintenance. Spotwave solutions are also backed by a range of comprehensive installation services and support and are now the preferred coverage solution in networks operated by the top North American cellular and PCS carriers. The company website is www.spotwave.com.
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Spotwave, Spotwave Wireless and SpotCell are trademarks and/or registered trademarks of Spotwave Wireless Inc.
Jamie Crawford
Tel: (613) 591-1662 ext. 298
Email: jamie.crawford@spotwave.com
