February 7, 2011
PLANO, Texas -- BLiNQ Networks Inc., a pioneer in developing next-generation intelligent wireless backhaul solutions, today announced it has secured $7.4 million in Series A funding and has appointed former President of Andrew Corporation's Wireless Network Solutions, Carleton Miller, as President and CEO to lead the company's launch to market. Miller's first order of business was the acquisition of intellectual property (IP) and wireless assets from Nortel Networks, which was approved by The Ontario Superior Court of Justice.
The explosion of mobile data, consumer video and social networking traffic on smart phones and other mobile devices has forced wireless network operators to address increased demand for data services. In urban and suburban environments cell sites are reaching their capacity and are hindering the delivery of a true wireless broadband experience. Current wireless backhaul solutions cannot rapidly or cost-effectively scale or are not available in all locations. BLiNQ is addressing this market and will launch and showcase their solution at Mobile World Congress being held in Barcelona, Spain February 14-17, 2011 in the Canadian Pavilion at Stand 2A97.
BLiNQ has secured funding from New Venture Partners, Summerhill Venture Partners and the Business Development Bank of Canada. The company also announced that New Venture Partners' Dan Deeney and Summerhill's Joe Catalfamo joins Ralph E. Faison, CEO and President at Pulse Electronics and Carleton Miller, on the company's Board of Directors.
"Capacity is a massive issue for the wireless industry and backhaul solutions will be a key part of the solution; BLiNQ will be the company to deliver this solution to the market," said Dan Deeney, Partner, New Venture Partners. "Our investment in BLiNQ represents a strategic commitment to creating a new backhaul category with a proven, successful management team who can execute on our business and market development plans."
"This acquisition of IP and assets from Nortel will establish BLiNQ as a pioneer in next-generation backhaul solution that enables mobile network operators to cost effectively and rapidly scale and increase the quality of service to meet the demands of the mobile Internet," said Miller. "With a strong intellectual property portfolio and a solid financial backing from our investors, BLiNQ is well positioned to execute on its product development objectives."
BLiNQ Networks Inc.
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