SOURCE: BLiNQ Networks, Inc.
February 07, 2011 09:00 ET
BLiNQ Networks Secures $7.4 Million in Series A Funding
Appoints Carleton Miller as CEO and Acquires Wireless Assets and Intellectual Property From Nortel
PLANO, TX--(Marketwire - February 7, 2011) - 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."
"With a core engineering team that innovated this technology at Nortel in collaboration with a leading mobile operator, BLiNQ is well positioned to further develop its unique product capabilities and capitalize upon the significant new opportunities being created with the evolution of Radio Access Network topologies," added Joe Catalfamo.
About New Venture Partners
New Venture Partners the global venture capital firm dedicated to corporate technology spinouts, has over US$700 million under management. New Venture Partners provides a bridge between technology corporations and traditional venture capital. Through its unique, hands-on approach, the firm offers a systematic process for commercializing innovations and provides an alternative path to market for corporate technologies. The New Venture Partners team has completed over 50 spinouts from the R&D labs and business units of global technology corporations including Lucent/Bell Labs, British Telecom, Nortel, Philips Electronics, Agere, Boeing, Freescale Semiconductor, Intel, Telstra, and others, and has become the benchmark for corporate spinout venturing.
About Summerhill Venture Partners
Summerhill Venture Partners is an early stage venture capital firm spun out from Bell Canada in 2007 and focused on select areas within the wireless, digital media, and information technology sectors. The firm is currently managing a US$175 million fund from its offices in Boston and Toronto. With a diverse mix of operational, technical, financial and investment experience, the Summerhill leadership team has a successful track record dating back to 1993 of investing in and helping its entrepreneurs turn innovative ideas into world class companies.
About Business Development Bank of Canada
BDC Venture Capital has been involved in venture capital since 1975 and is a major venture capital investor in Canada. Active at every stage of the company's development cycle, from seed through expansion, BDC Venture Capital focuses on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets. To date, it has invested in more than 400 companies with investments totaling over $1.2 billion in the life sciences, telecommunications, information and advanced technology sectors, as well as commitments of $253 million in 19 funds.
About BLiNQ Networks
BLiNQ Networks was founded in June 2010 after the acquisition of intellectual property and wireless assets from Nortel Networks. BLiNQ is a pioneer of wireless backhaul solutions that fundamentally changes the way mobile operators deliver mobile broadband services in urban areas. BLiNQ is headquartered in Plano, TX with research and development facilities in Ottawa, Canada. For more information, please visit www.blinqnetworks.com.