BOSTON -- Skyhook Wireless, provider of the industry's first Wi-Fi based metro-area positioning system, today announced it has secured $6.5 million in a first round of venture capital and new corporate financing. Series B participants included new investors Bain Capital Ventures, which led the round, and Intel Capital. Existing investors Innovent, an entrepreneurial innovation unit in Nokia, and CommonAngels also participated in this round which brings total funds raised to $8.3 million. Ajay Agarwal, venture partner with Bain Capital Ventures, will join Skyhook's Board of Directors.
"The market for reliable and easy-to-deploy location technologies is enormous, ranging from E911 and local search to personal navigation and asset tracking," said Ajay Agarwal, venture partner, Bain Capital. "We were attracted to the Skyhook positioning approach that relies on industry standard Wi-Fi technology which is being built into a myriad of devices from laptops to digital cameras to wireless VOIP phones. We are excited to lead Skyhook Wireless' first round of venture funding and look forward to contributing to its success."
"Intel has played a pivotal role in the explosive growth of Wi-Fi enabling new applications for service providers, enterprises and consumers. Our investment in Skyhook Wireless underscores the continued evolution of this technology," said Scott Darling, vice president, Intel Capital. "Through our research work with Place Lab (www.placelab.org) we have explored next-generation location technologies for several years and our investment in Skyhook Wireless is an extension of that focus."
Skyhook Wireless Inc.