NEW YORK -- Rave Wireless announced today it has closed $12 million in SeriesB funding. This latest round of financing was led by RRE Ventures, which joined existinginvestors Bain Capital Ventures and Sigma Ventures. RRE General Partner and Founder StuartEllman will join Rave Wireless’s board of directors. In addition, the company announcedProfessor Bill Sahlman of the Harvard Business School will join as an advisor.

Rave Wireless’s unique business model of directly serving communities such as colleges anduniversities with GPS-enhanced mobile safety, social networking, academic and localcommerce applications has resulted in partnerships with both leading universities and thenation’s largest wireless carriers. Market demand for Rave Wireless’s mobile applications, suchas the recently launched Rave Guardian that provides students with a location-based personalalarm device, has been extremely strong. The new round of financing allows the company toaccelerate its growth in line with market demand.

“With all the talk in the press about today’s mobile youth, social networking and Web 2.0, I’veseen two limitations: no one has figured out a meaningful way to make money from these trendsbeyond advertising and no one has figured out how to take advantage of the enablingtechnologies and underlying user behaviors to solve real world problems such as improvingsafety or moving community from the virtual to the real world. Rave Wireless has done both,with paying customers and applications that people actually use when they’re not behind adesk,” said Rodger Desai, Rave Wireless’s CEO.

Rave Wireless Inc.