Polaris Wireless, a high-accuracy, software-based wireless location solution company based in Mountain View, California, today announced that the company closed on a recapitalization of existing equity interests on April 25, 2013. As part of the recapitalization, Polaris Wireless completed a Series C financing with $10 million from Industry Ventures, a leading investment firm focused on the venture capital market, and Industry Ventures Managing Director Victor Hwang has joined the Polaris Wireless Board of Directors.
“Industry Ventures seeks to invest in market leading growth companies and we believe Polaris Wireless is a clear leader in the wireless location market,” said Hwang. “We are very excited about Polaris Wireless’ strong growth trajectory and global presence, and look forward to working with Manlio Allegra and the senior team at Polaris Wireless in their next chapter of growth.”
The investment by Industry Ventures also returned capital to Series A investor Draper Fisher Jurvetson (DFJ) and will also be used to fund Polaris Wireless’ future international growth.
“We look forward to an exciting new growth chapter for our company with Industry Ventures by our side,” said Manlio Allegra, Polaris Wireless CEO and Co-founder.
Polaris Wireles experienced a record increase in revenue and profitability in 2011 and 2012, driven by aggressive growth for its location solutions across the globe. Twenty-four U.S. wireless carriers, six managed services partners, and 15 international deployments now rely on Polaris Wireless location solutions to enable emergency call applications, lawful and mass location surveillance, and other location-based services.