NextNav, a start-up based in Sunnyvale, California, announced $70 million dollar Series D financing for its wireless location service, which combines accurate, in-building horizontal positioning with floor-level height precision.
NextNav's Metropolitan Beacon System ("MBS") positioning network. MBS provides reliable, accurate horizontal and vertical location services inside buildings and in urban areas where satellite-based GPS signals aren't available or reliable. The company is deploying its MBS network much like a cellular network, resulting in wide-area coverage that delivers its location services to every building within its network footprint.
The round was led by leading venture capital firms New Enterprise Associates (NEA) and Oak Investment Partners, who were joined by existing investors Columbia Capital, Telcom Ventures and Goldman Sachs Investment Partners. Peter Barris, Managing General Partner at NEA, and Bandel Carano, Managing Partner at Oak will join NextNav's Board of Directors.
"NextNav's mission is to deliver GPS-like reliability, accuracy and ubiquity to the indoor and dense urban environment," said NextNav CEO, Gary Parsons. "We are delighted to have the support of top-tier venture partners and the deep domain and industry expertise of our new board members as we bring this powerful new technology to market."
- NextNav is headed by Gary Parsons, who is known as the founder of XM Satellite Radio. He was also founder and former Chairman of SkyTerra Communications and TerreStar Networks. Prior to founding XM Radio, Gary was EVP of MCI Communications.
- NextNav was founded in 2007.