LGC Wireless Raises $11M

LGC Wireless receives $11M in late-stage mezzanine financing

July 12, 2005

1 Min Read

SAN JOSE, Calif. -- LGC Wireless, a market leader in in-building wireless networking solutions, announced today it secured $11 million in a late-stage mezzanine financing. The company plans to use the funds for general working capital and to continue its expansion of international sales activities. The round was led by Rembrandt Venture Partners, along with strong support from nearly all existing investors. LGC Wireless, which was established in 1996, has raised $91 million to date.

"LGC Wireless impressed us as a marvelous late-stage opportunity with all the key attributes we look for -- leading technology in a large market opportunity, a proven track record of satisfying the needs of many of the world's largest wireless operators, a profitable business model and strong management team," said Richard Ling, general partner, Rembrandt Venture Partners. "In-building coverage is increasingly critical to the widespread expansion of wireless applications, and we feel LGC is uniquely-positioned to take advantage of these market trends. We are excited to be adding LGC Wireless to our portfolio."

"We are pleased to have the financial backing of Rembrandt Venture Partners and participation in this financing of so many of our existing investors," said John Niedermaier, executive vice president and chief financial officer of LGC Wireless. "Rembrandt was very persevering and creative in their approach to LGC's needs and deal structure. It became obvious quite early in the process that they will be a true value-add investor in LGC. This financing provides added balance sheet strength and working capital for LGC, positioning us for even greater growth and market expansion."

LGC Wireless

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