Skyhook Wireless raises an additional $8.5M to fuel international expansion

San Francisco coverage by Skyhook positioning technology
San Francisco coverage by Skyhook positioning technology
Skyhook Wireless, a company specializing in Wi-Fi positioning, announced today it has raised $8.5 million of new financing, bringing total funds raised to $16.8 million. Leading the round was new investor RRE Ventures joined by existing investors Bain Capital, Intel Capital and CommonAngels. Additionally, RRE’s General Partner Will Porteous will join Skyhook Wireless’ Board of Directors.

Founded in 2003, Skyhook Wireless has pioneered the development of metro-area positioning system that leverages Wi-Fi rather than GPS or cell towers to deliver precise location data (in-door and outdoor). In the past year, Skyhook has announced deals with AOL, SiRF, iRiver, Navteq and TeleAtlas.

“In our discussions with mobile device manufacturers from music players to cellular phones we found that Wi-Fi integration is a foregone conclusion,” said RRE Ventures’ General Partner Will Porteous. “Given the many advantages of Skyhook’s Wi-Fi Positioning System and the penetration of Wi-Fi into mobile devices, we believe that Skyhook has an opportunity to be an integral part of every mobile device.”

The new capital will be used to expand the Skyhook Wireless coverage network to Europe and Asia. Today, Skyhook covers 70% of the U.S. and Canadian populations. By the end of 2007, Skyhook expects its coverage will include the top 50 European metropolitan areas and the top 15 Asian cities. Skyhook also intends to expand its software footprint onto newer mobile device platforms. Already this year, the company announced Windows Mobile, Linux and Mac OS X versions of its software.

Monday, July 16th 2007

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