AKRON, OH, Wireless performance company, announced today that it closed a $4 million Series B financing.
7signal, the wireless performance company, announced today that it closed a $4 million Series B financing led by Allos Ventures and Mutual Capital Partners Funds (MCPF). The round also included existing investors such as the North Coast Angel Fund.
The funding will allow 7signal to continue the rollout of the company's Sapphire product line throughout the United States and selected international markets.
'We are excited about this round of investment led by two venture firms with outstanding track records,' said Jeff Reedy, CEO, 7signal. 'This validates our success with customer deployments and provides the capital needed to expand our market presence and technology development. We've been very focused on proving our business model, and we are well positioned in the market as Wi-Fi performance solutions move from the early adopter to the mainstream phase.'
7signal's Wi-Fi / WLAN Performance Assurance and Optimization solution enables a proactive approach to making Wi-Fi dependable and efficient in mission-critical deployments found in healthcare, education and other enterprises. The system improves performance while saving network equipment and operational costs by providing continuous, real-time monitoring and recommendations for optimizing critical Wi-Fi networks.
'As more and more enterprises deploy Wi-Fi networks for mission-critical operations, they are discovering the need for new technologies to consistently provide the required quality levels. The 7signal team has developed a compelling solution to this complex problem,' said Dov Rosenberg, partner, Allos Ventures. 'By looking at the network from an application layer and end user perspective, their platform can uniquely identify what's working, what's not working, and areas that can be optimized.'
Bill Trainor, a partner at MCPF, added, 'We talked to many of 7signal's customers and partners and were impressed with the enthusiasm expressed by CIOs of leading institutions deploying the 7signal solution. 7signal has the core technology and team needed to build a significant business in a high-growth market.'
7signal has developed Sapphire, a cross-industry Wi-Fi / WLAN Performance Assurance and Optimization Platform for healthcare, education and other enterprises. Sapphire provides a proactive, continuous, and comprehensive way to ensure fast, reliable WLAN operation by providing unique visibility into the 'last mile' of the wireless network. To learn more visit www.7signal.com
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Allos Ventures (www.allosventures.com) invests in early-stage technology companies in the Midwest, augmenting the capital provided by angel investors who have helped companies reach a stage at which they are ready for their first institutional financing round. Allos' principals believe in the benefits of a 'hands-on' approach to venture capital investing, which allows the firm's partner companies to leverage their business-building skills and resources, as well as those of the firm's investors, many of whom are successful entrepreneurs.
Mutual Capital Partners Funds (www.mutualcapitalpartners.com) invest in rapidly growing, post-revenue, technology businesses generally located in the Midwest. MCPF's investors are successful executives from across the U.S. and combine the best elements of an angel fund into committed capital, professionally-managed venture funds.
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