SignalSet Secures Series A Financing
Round Follows OEM Distribution Deal, Network-Access Agreements with Sprint, T-Mobile
SEATTLE, WA – (April 27, 2011) – SignalSet, developer of the first solution that allows enterprises to deploy and control wireless devices capable of remotely switching between GSM and CDMA networks in real-time, today announced it has secured $6 million from Vanedge Capital, Point B Capital, Globespan Capital Partners and Razorback Capital.
News of the Series A follows two significant developments: SignalSet’s agreements for network access with Sprint and T-Mobile and its OEM agreement with a Fortune 500 corporation that soon will introduce to the trucking industry a new telematics service featuring SignalSet’s patent-pending Remote Carrier Switching™ technology. Vanedge Capital led the round joined by Point B Capital. Globespan Capital Partners and Razorback Capital, among seed investors that first backed SignalSet, also participated in the round.
“We’re focused on companies that apply game mechanics to business applications to create compelling interactive digital experiences, and SignalSet’s soon-to-be-released multi-network telematics solution with its modern user interface is but one example of the breakthroughs that are now possible in the machine-to-machine arena,” said Vanedge CFO and partner Divesh Sisodraker. “That’s important as increasingly, truly interactive services will sit at the heart of mission-critical operations that shouldn’t be dependent upon a single carrier’s network.”
“Point B Capital’s parent company, Point B, has a unique history with SignalSet, and has served as strategic consulting partner in the launch of this novel technology. We decided to leverage this relationship by combining capital with Point B consulting services to help SignalSet move the needle,” said John Bjornson, President of Point B Capital. “We are pleased to participate in this round to help launch SignalSet’s Remote Carrier Switching™ solution, which gives wireless device manufacturers the ability to deploy wireless services which continuously connect to a choice of networks based on the best combination of coverage, cost, and performance at each location.”
SignalSet CEO Peter van der Gracht said Series A funding will be invested in ongoing product development, product launch, and marketing initiatives conducted collaboratively with the company’s first development and distribution partner. Information detailing its partnership with a leading trucking industry OEM will be available when the new SignalSet-enabled telematics service is formally introduced later this year.
“The Series A credits all SignalSet has accomplished so far – the engineering of our technology, the development of a compelling user experience for our OEM partner, and the negotiation of network-access agreements in the U.S. to bring it all together,” said van der Gracht. “We’re gratified by the continued support of our first investors and excited that Vanedge and Point B Capital made SignalSet one of their significant investments.”
About Vanedge Capital
Vanedge Capital is a Vancouver, BC-based venture capital fund focused on investments in interactive entertainment and digital media businesses. The fund managers have extensive experience and relationships in this sector, and have built and led world class companies in video games, computer animation, and enterprise software, among others. For more information, visit www.vanedgecapital.com. Point B Capital
Point B Capital (www.pointbcap.com) invests in a select group of entrepreneurial businesses, and is a wholly owned subsidiary of Point B, Inc., an employee-owned management consulting firm that specializes in helping clients execute their strategic initiatives and deliver business results that create transformational change and competitive advantage. Point B Capital’s relationship with Point B brings a unique insight into winning companies – with over 15 years of helping them grow and thrive. Point B Capital makes equity investments and manages complex deals that capture value and leverages the rich relationships that Point B has developed since 1995. The Point B Capital/Point B network includes more than 300 clients across 27 industries. For more information, please visit www.pointbcap.com. Globespan Capital Partners
Globespan Capital Partners is a global venture capital firm with over $1 billion under management. Globespan primarily invests in go-to-market rounds of information technology, Internet, mobile and cleantech companies. Our investment team has a proven track record of effectively working with entrepreneurs, top tier co-investors and strategic partners to help build market-leading companies. In addition, our dedicated Asian Business Development team provides unparalleled access to Asian markets offering a compelling advantage to our entrepreneurs. With offices in Boston, Palo Alto and Tokyo, we invest throughout the world on behalf of an international base of limited partners. For more information, please visit www.globespancapital.com. Razorback Capital
Razorback Capital is a family investment vehicle founded in October, 1999 and has since provided seed money and expansion capital to more than 15 companies in diverse industries. Razorback Capital seeks investment opportunities in companies that are bringing transformational change to existing markets, or creating new markets where none previously existed. For more information, please visit www.razorbackcapital.com. SignalSet
Seattle-based SignalSet has developed the first wireless infrastructure solution that allows machine-to-machine device manufacturers and OEMs to deploy and remotely manage wireless devices capable of seamlessly switching between GSM and CDMA wireless networks with no manual intervention. With SignalSet’s patent-pending Remote Carrier Switching™ technology, wireless machine-to-machine devices are being built to have continuous carrier choice, freely moving between networks as needed to maximize coverage, data transmission speed, and automatic redundancy at an affordable price. For more information, please visit www.signalset.com.