Ekahau Inc., a Helsinki-based provider of mobile positioning technologies, has raised over $10 million in Series C funding. Nexit Ventures led the round, and was joined by return backers like Finnish Industry Investment Ltd. and Sampo Group. It has now raised over $18 million in total funding.
Nexit Ventures, a mobile venture capital firm focused on wireless technologies and services, today announced an investment round of over $10 million for its portfolio company Ekahau Inc. The investment will strengthen Ekahau's solution delivery capability and allow the company to respond to rapidly growing market demand.
The investment round was led by Nexit, with investments from Finnish Industry Investment Ltd, Sampo Group and private investors. On previous investment rounds, Ekahau has raised over $18 million in venture capital from investors and institutions that include the aforementioned as well as 3M Company. Ekahau's research and development has also been funded by Tekes, the Finnish Funding Agency for Technology and Innovation.
Ekahau's patented Real-Time Location Systems technology (RTLS) provides the easiest, most cost-effective and accurate positioning solution for locating key people, assets and inventory over enterprise Wi-Fi networks. Ekahau RTLS solutions are used in a wide range of industries, from healthcare and government applications to manufacturing and mining.
“Ekahau is the leader in the rapidly growing market for location-enabling enterprise Wi-Fi networks. Our solutions are very cost-effective, since implementation only requires our software and Wi-Fi tags for the assets to be tracked. Over the last two years, we have signed several distribution agreements with major industry players including Siemens, McKesson, Nortel, 3M Company and Siemens Medical,” said Mr. Antti Korhonen, President & CEO, Ekahau Inc.
Frost & Sullivan estimates that the RTLS market will grow to nearly