SmartLink Radio Networks Announces $15M in Series B Financing Led by Key Venture Partners.
SmartLink Radio Networks Inc., a supplier of two-way radio networking and interoperability solutions, today announced the closing of a Series B financing led by Waltham, MA-based Key Venture Partners with participation from existing investors General Catalyst Partners and Highland Capital Partners. Proceeds from the new funding will be used to continue expansion of SmartLink's sales and marketing reach and product development initiatives. The Company will also invest in the development of an expanded customer service infrastructure to support anticipated growth.
The annual market for two-way radio networking and interoperability solutions for first responders, critical infrastructure and industrial use is over $4.5 billion(1) today and is expected to grow significantly over the next few years. In 2005 and 2006 in public safety alone, more than $6.7 billion in Department of Homeland Security (DHS) funding has been allocated for use by state and local agencies across the United States(2). Radio interoperability and networking have been identified as high priority requirements to be addressed by the DHS funding.
SmartLink's software-defined network breaks down the interoperability barriers created by different radio frequencies and protocols. The result is a seamless and flexible networked radio environment that not only delivers interoperability, but lays the groundwork for customers to easily adapt and expand to future technologies.
"As we continue to deploy and refine the SmartLink solution, it is very clear that we are aligned with a very large market opportunity," said Tom Lambalot, president and CEO, SmartLink. "Two-way radio users need to know they can adapt to the future without abandoning the past. We are bringing the best of traditional RF and new IP technologies together, to create an inherently flexible solution that frees customers from depending on single source providers."
Lambalot continued, "With this new funding, we are geared to take the next step in the execution of our product development roadmap. We'll expand our market reach and build the infrastructure required to support a growing customer base."
"SmartLink understands the requirements driving purchase decisions in the radio communications and networking market today," said Ted Mocarski, Managing Director of Key Venture Partners. "They are building a cost-effective path to interoperability. Their multi-vendor 'system of systems' solution protects a customer's existing investment and creates a network that can seamlessly embrace new technologies. The attractiveness of this approach makes SmartLink well-positioned to capitalize on the market opportunity."
About SmartLink Radio Networks Inc.
SmartLink has created an interoperable radio network for public safety, utilities and other critical infrastructure, and fleet-oriented businesses. SmartLink's software-defined network breaks down the barriers created by different radio frequencies and protocols. The result is a seamless and flexible networked radio environment that not only delivers interoperability, but lays the groundwork for customers to easily adapt and expand to future technologies. For more information, contact us or visit www.smrlink.com.
About Key Venture Partners
Key Venture Partners is a Waltham, MA-based venture capital firm that invests in expansion stage companies with capital-efficient business models. They are committed to help young, venture stage companies as well as older, well-established companies realize the full potential of their growth opportunities in the software, communications and information technology (IT)-enabled services sectors. With over 50 combined years of operating and investing experience, Key Venture Partners understands the unique challenges of expansion stage growth in these sectors. They use a collaborative approach working hand-in-hand with entrepreneurs and management teams to leverage the combined experience base and successfully deliver on growth opportunities.
About General Catalyst Partners
General Catalyst Partners is a private equity firm that invests in exceptional entrepreneurs and technical founders who are building the software solution and technology platform companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business building and partnership development assistance. General Catalyst is headquartered in Cambridge, Mass. For more information, please visit: www.generalcatalyst.com
About Highland Capital Partners
Highland Capital Partners was founded with the mission of helping great people build great companies. Since its inception in 1988, the firm has taken a sector-focused and stage-diversified approach to investing in exceptional information technology, communications, and healthcare companies. With over $1.8 billion of committed capital, Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, Be Free, CheckFree, Conor Medsystems, EXACT Sciences, Lycos, MapQuest, Ocular Networks, Odyssey Healthcare, Sybase, Telica and WebLine Communications. For more information, visit Highland's web site at www.hcp.com.
(1) 2004 FCC statistics and SmartLink research
(2) Department of Homeland Security
SmartLink Radio Networks is a trademark of SmartLink Radio Networks, Inc. All other trademarks and registered trademarks are the properties of their respective owners.