BLiNQ Networks Inc., the pioneer in next-generation intelligent wireless backhaul solutions, today announced that it has raised an additional $10 million in funding. BLiNQ will use the funding to expand and accelerate global sales and marketing efforts as well as ongoing development of BLiNQ's patent-pending, high capacity mobile transport solutions. The round was funded by BLiNQ's strong syndicate including BDC Venture Capital, New Venture Partners and Summerhill Venture Partners.
The explosion of mobile data, consumer video and social networking traffic on smart phones and other mobile devices has created massive demand for capacity in mobile networks. To meet the demand, mobile operators are deploying small cell base stations in urban and suburban environments. Traditional mobile backhaul solutions cannot cost effectively scale to solve the problem of providing ubiquitous bandwidth.
BLiNQ Networks, a technology carve-out of Nortel Networks, has defined a new category of non line of site (NLOS) backhaul technology specifically designed from the ground up for small cell transport. Unlike alternative solutions, BLiNQ solutions can be deployed anywhere in minutes with one truck roll and one technician. The solution is self-organizing and very reliable as it continually self-optimizes to adapt to the changing environment.
"We have successfully completed trials in North America and Europe demonstrating the availability, reliability and scalabilty of NLOS backhaul," said Mickey Miller, Co-Founder and CEO at BLiNQ. "The company has been named to the annual FierceWireless 'Fierce 15' list, designating it as one of the top privately-held wireless companies of the year. We were also nominated by the Telecom Council of Silicon Valley for the Zephyr Award for Best Mobile Opportunity. We were selected from a pool of over 200 promising start-ups which more than 25 global carriers reviewed this past year."
About BDC Venture CapitalBDC Venture Capital is a major venture capital investor in Canada with more than $1 billion in current and planned investments. BDC VC invests both directly into companies and indirectly into promising VC funds. Its investments are made primarily into companies involved in the areas of Information Technology, Energy/Cleantech and Health Care. In addition, through strategic initiatives and investments, it plays a unique role in stimulating both the Canadian venture capital industry and the surrounding innovation ecosystem, including leading efforts in entrepreneur and angel investor development.
About New Venture Partners New Venture Partners the global venture capital firm dedicated to corporate technology spin outs, 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 BLiNQ NetworksBLiNQ 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 uses cost-effective sub-6 GHz TDD spectrum and unique and patent-pending Managed Adaptive Resource Allocation (MARA) technology to provide network-level intelligence, self-organizing network capabilities, and eliminates interference challenges to maximize spectral efficiency. BLiNQ is headquartered in Plano, TX with research and development facilities in Ottawa, Canada. For more information, www.blinqnetworks.com.