1st Feb 2016 07:42
LONDON (Alliance News) - Allied Minds PLC said Monday it now owns a 73% stake in Federated Wireless Inc after a recent fundraising round in which Federated Wireless raised USD22 million.
The fundraising values Federated Wireless as USD82 million, increased from USD10 million, and Allied Minds' stake in the company is now valued at USD60 million, up from USD9 million.
Allied Minds participated in the Series A funding round along with others, including Woodford Investment Management, and invested USD5 million.
"Federated Wireless has established itself as a leader in the development of a shared spectrum model which will provide growth opportunities for wireless carriers as well as deliver significant benefits to enterprise users. We are confident that access to low-cost, high-quality spectrum will drive the next wave of growth in unlicensed LTE, similar to the growth of Wi-Fi over the last decade," said Allied Minds Chief Executive Officer Chris Silva in a statement.
"This successful fundraising will enable Federated Wireless to accelerate the commercialisation of its proven technology," Silva added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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