InnerWireless Inc., a Richardson, Texas-based provider of in-building enterprise converged wireless solutions, has raised $9.5 million in venture debt funding from Silicon Valley Bank.
The company has previously raised around $62 million in VC funding since 1998, from firms like Sevin Rosen Funds, Centennial Ventures, HO2 Partners, Johnson Controls Inc., Massey Burch Capital, Rho Ventures, StarTech Early Ventures and Technology Associates Management. It also merged last year with PanGo Networks, which had raised money from IDG Ventures Boston, Columbia Capital and Investcorp.
Silicon Valley Bank, the premier commercial bank nationwide for technology and life science companies of all sizes, has provided $9.5 million in debt financing to InnerWireless(R), Inc., the premier provider of in-building enterprise converged wireless solutions. The company plans to use the financing to fuel its growth and meet increasing market demands. Silicon Valley Bank is a member of SVB Financial Group (Nasdaq: SIVB).
InnerWireless helps businesses from Fortune 500 companies, to health care, to hospitality maximize the power of their wireless investments, regardless of the technology. Horizon(TM) from InnerWireless makes it possible to unify virtually all wireless services onto one comprehensive and specifically engineered platform and guarantee wireless coverage for mission- and life- critical applications. InnerWireless' PanGo(TM) solution is the first unified asset visibility platform to aggregate and synthesize data from a variety of RTLS, RFID and sensor sources and then integrate it with enterprise applications to deliver a cost-optimized, future-proof solution for location-enabling the extended enterprise.
“InnerWireless is in a period of significant growth as demand accelerates from all business segments, especially health care and hospitality where having a guaranteed blanket of in-building wireless coverage to the edge of the facility is mission- and life-critical,” said InnerWireless chief financial Officer Chris McCoy. “We are pleased that Silicon Valley Bank is assisting InnerWireless during this period of rapid expansion. InnerWireless has emerged as the leading provider of in-building wireless services because our architecture, engineering and overall approach to customer challenges makes InnerWireless the preferred provider of in-building enterprise wireless services.”
“SVB has worked with technology companies like InnerWireless for 25 years,” said Travis Wood of the Silicon Valley Bank Dallas office. “We strive to provide them with the creative solutions and diversified financial services they need to reach their business goals. We look forward to being a part of its continued success.”
InnerWireless enables today's mobile workforce with the ubiquitous in-building delivery of Wireless Wide Area Network and WLAN (Wi-Fi) for voice, data, location and other wireless services — guaranteed. Designed expressly for mission- and life-critical wireless applications, the Horizon(TM) Converged Wireless solution is ideal for Hospital, Fortune 500 and Hospitality customers where wired performance is expected. IT-friendly features like low OPEX, multi-carrier and AP vendor neutrality make Horizon a practical consideration as well. Businesses wishing to add asset visibility and tracking, can utilize the company's PanGo(TM) a unified asset visibility platform which provides identity, location and condition of key enterprise resources such as assets and people. For more information about InnerWireless, visit http://www.innerwireless.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for emerging, growth and mature companies in the technology, life science, private equity and premium wine industries. SVB provides a comprehensive suite of financing solutions, treasury management, corporate investment and international banking services to its clients worldwide. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 27 U.S. offices as well as operations in China, India, Israel and the UK. Silicon Valley Bank is a member of global financial services firm SVB Financial Group, with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at http://www.svb.com.
SVB Silicon Valley Bank refers to Silicon Valley Bank, the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve. SVB Private Client Services is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve.