Tuesday, May 7, 2013

Polaris Wireless Completes Recapitalization Round, Adds to Board

Polaris Wireless, which supplies high-accuracy, software-based wireless location solutions, closed on a recapitalization of existing equity interests. The company completed a Series C financing with $10 million from Industry Ventures and returned capital to Series A investor Draper Fisher Jurvetson (DFJ). In addition, Industry Ventures Managing Director Victor Hwang has joined the Polaris Wireless Board of Directors.

“Industry Ventures seeks to invest in market leading growth companies and we believe Polaris Wireless is a clear leader in the wireless location market,” said Hwang. “We are very excited about Polaris Wireless’ strong growth trajectory and global presence, and look forward to working with Manlio Allegra and the senior team at Polaris Wireless in their next chapter of growth.”

Polaris Wireles also noted that twenty-four U.S. wireless carriers, six managed services partners, and fifteen international deployments now rely on its location solutions to enable emergency call applications, lawful and mass location surveillance, and other location-based services.  The company cited a record increase in revenue and profitability in 2011 and 2012.