Saratoga, CA October 31, 2006 Ekahau Inc., today announced that it has attracted a total of $16 million in financing in 2006, including $12 million in Series B equity funding and $4 million of venture loans and government funding. New investors include several large international investors, with founding investor Nexit Ventures participating. This funding will allow the company to continue its aggressive growth and international expansion in the Wi-Fi RTLS (Real Time Location System) and Wi-Fi tools markets. Ekahau provides wireless enterprise solutions across multiple industry segments to improve enterprise asset utilization, process workflows and employee safety and security.
Ekahau will use the infusion of capital to fund its growth and international expansion, R&D, sales and marketing efforts. The company will invest significantly in building out its sales and marketing, engineering and support organization, and continuing its RTLS innovation. With several new products in the pipeline for 2006 and 2007, the company is extremely well positioned to continue its market and technology leadership.
"This new investment in Ekahau is a validation of our business to date, as well as of our vision of driving the Wi-Fi market beyond its traditional use of voice and data," said Antti Korhonen, president and CEO of Ekahau. "Our company has developed a strong reputation and good brand recognition in several industrial segments, including manufacturing and health care. With this new funding, we are now moving to the next phase of our aggressive plan to deliver more innovative RTLS and wireless solutions worldwide."
Ekahau investors include: Nexit Ventures, 3M Company, Finnish Industry Investment Ltd., Sampo Group, the Finnish Funding Agency for Technology and Innovation TEKES and a group of individual investors.
"We are encouraged by the growing momentum of the Wi-Fi RTLS market and Ekahau is a technology leader delivering innovative solutions that work," said Lem Amen, vice president of Track and Trace Solutions at 3M in St. Paul, Minn. (USA).
"Ekahau is one of the Real Time Location System pioneers in the world. At the same time, the company is a great example of Finnish, university spin-off technology with international success. Therefore Ekahau fits very well in with the goals of our seed investing program", says Henri Grundstén, director of Finnish Industry Investment Ltd.
Ekahau Inc. is the industry leader in providing Wi-Fi based RTLS solutions. Ekahau's customers, including several Fortune 500 companies worldwide, are realizing the benefits of Wi-Fi-based location services, and innovative Wi-Fi network planning and optimization tools. Ekahau partners include wireless software developers, leading system integrators, and international OEM partners, who develop and market wireless enterprise applications. For more information about Ekahau, please visit at www.ekahau.com
Finnish Industry Investment (FII) is a government-owned investment company. The company invests the proceeds accrued from the privatisation of state-owned companies in promoting the growth and internationalisation of Finnish businesses. FII is Finland's leading provider of seed financing. FII´s investments and investment commitments amount to some EUR 350 million. www.teollisuussijoitus.fi
Media Contact U.S.
Juliet Travis
Rocket Science PR, for Ekahau
+1 415.464.8110 x 5
juliet@rocketscience.com
Europe
Antti Korhonen
CEO & President, Ekahau
+358.400.397.979
antti.korhonen@ekahau.com
Nina Mattsson
Sr Marketing Manager
+358.50.556.6998
nina.mattsson@ekahau.com