Wireless network provider WiChorus may end funding at $18M
WiChorus, a provider of wireless network hardware and software, may be calling it quits on VC backing following an $18 million third-round of funding, reports VentureWire. Raised to cushion the downturn, the new financing exceeded the round’s goals, and will be used to grow the business before it files for an IPO when the market brightens.
The young San Jose, Calif. company gives wireless carriers the ability to track their users’ exact locations and control network traffic. This could open up all kinds of possibilities for location-based advertising. It already markets what it calls an Access Services Network Gateway, a device that collects data to help carriers and advertisers spot and capitalize on mobile opportunities.
Beyond that, its software and servers integrate with both WiMax and Long-Term Evolution networks. The former, which has been gaining traction overseas of late, creates wide broadband coverage by knitting together signals surrounding base stations. LTE systems, on the other hand, provide narrow coverage but are cheaper. Either way, WiChorus appears to have its bases covered.
With much of its second-round of funding still left over, the company won’t need to raise funds for quite a while, if ever again. It has brought in $43 million to date from (new investor) Pinnacle Ventures, and existing backers Accel Partners, Redpoint Ventures and Mayfield Fund.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
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