PanGo has secured a $10 million second round of venture financing

October 17, 2005

1 Min Read

FRAMINGHAM, Mass. -- PanGo Networks® today announced that it has secured a $10 million second round of venture financing. This round, which brings the company's total funding to over $18 million, was led by global investment firm Investcorp’s Technology Investment Group, with reinvestment by Series A investors Columbia Capital and IDG Ventures Boston. The funding will be used to further product development and to expand sales and marketing capabilities. The company also announced that Andrew Flett of Investcorp’s Technology Group will join PanGo’s board of directors, bringing an extensive background of investment experience and expertise in high tech and telecommunications.

PanGo is the leader in the market for enterprise class Wi-Fi-based real-time location systems (RTLS). PanGo’s products, including its Location Management Platform – PanOS Platform® – and its real time locating system – PanGo Locator® – solve the problem of “asset invisibility” for dozens of enterprise customers who now have the ability to monitor and track the location of critical assets in real time.

“PanGo has had an exceptional track record over the last couple of years and is well positioned to drive innovation in a market poised for aggressive growth,” said Savio Tung, Head of Technology Investment at Investcorp. “Investcorp has supported many successful ventures in the wireless space, and we are excited to be involved with such a clear market leader. This financing is a strong validation of the company’s experienced management team and technology, and the outstanding market potential for locationing technologies.”

PanGo Networks Inc.

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