PanGo Pockets $10M
A spokeswoman for the Framingham, Mass., startup says the firm will spend the money on expanding its engineering, sales, and marketing teams, and funding future revisions of its products.
PanGo -- despite sounding like a Japanese cartoon character -- actually makes products that send user location information from 802.11 and Bluetooth networks to wired and wireless networks.
The firm has been in the news recently after Cisco Systems Inc. (Nasdaq: CSCO) announced that it would use the firm’s tracking software as part of its RFID push. PanGo’s other big-name partner is chipmaker Intel Corp. (Nasdaq: INTC).
PanGo currently has 25 customers -- mainly in the healthcare and retail markets -- and a number of smaller partners. “We’re going to be announcing some new partners soon,” says PanGo’s spokeswoman.
Including the latest series B round, PanGo has now gathered over $18 million in funding. The lead investor in this round is Investcorp’s Technology Group.
— Dan Jones, Site Editor, Unstrung