Round Follows OEM Distribution Deal, Network-Access Agreements with Sprint, T-Mobile
SignalSet, developer of the first solution that allows enterprises to deploy and control wireless devices capable of remotely switching between GSM and CDMA networks in real-time, today announced it has secured $6 million from Vanedge Capital, Point B Capital, Globespan Capital Partners and Razorback Capital.
News of the Series A follows two significant developments: SignalSet’s agreements for network access with Sprint and T-Mobile and its OEM agreement with a Fortune 500 corporation that soon will introduce to the trucking industry a new telematics service featuring SignalSet’s patent-pending Remote Carrier Switching™ technology. Vanedge Capital led the round joined by Point B Capital. Globespan Capital Partners and Razorback Capital, among seed investors that first backed SignalSet, also participated in the round.
“We’re focused on companies that apply game mechanics to business applications to create compelling interactive digital experiences, and SignalSet’s soon-to-be-released multi-network telematics solution with its modern user interface is but one example of the breakthroughs that are now possible in the machine-to-machine arena,” said Vanedge CFO and partner Divesh Sisodraker. “That’s important as increasingly, truly interactive services will sit at the heart of mission-critical operations that shouldn’t be dependent upon a single carrier’s network.”
“Point B Capital’s parent company, Point B, has a unique history with SignalSet, and has served as strategic consulting partner in the launch of this novel technology. We decided to leverage this relationship by combining capital with Point B consulting services to help SignalSet move the needle,” said John Bjornson, President of Point B Capital. “We are pleased to participate in this round to help launch SignalSet’s Remote Carrier Switching™ solution, which gives wireless device manufacturers the ability to deploy wireless services which continuously connect to a choice of networks based on the best combination of coverage, cost, and performance at each location.”
SignalSet CEO Peter van der Gracht said Series A funding will be invested in ongoing product development, product launch, and marketing initiatives conducted collaboratively with the company’s first development and distribution partner. Information detailing its partnership with a leading trucking industry OEM will be available when the new SignalSet-enabled telematics service is formally introduced later this year.
“The Series A credits all SignalSet has accomplished so far – the engineering of our technology, the development of a compelling user experience for our OEM partner, and the negotiation of network-access agreements in the U.S. to bring it all together,” said van der Gracht. “We’re gratified by the continued support of our first investors and excited that Vanedge and Point B Capital made SignalSet one of their significant investments.”