Wireless Location Startup Snags $32 Million from Intel, Ericsson
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Wireless technology firm Cambridge Positioning Systems Friday snagged $32 million in financing from the strategic investment arms of Ericsson and Intel in support of its wireless-locating technology.
Ostensibly, such technology could be used to deliver location-based marketing messages, promotions and content.
"I believe that CPS is a unique business proposition with inherent strengths, value and prospects," said CPS chief executive officer Chris Wade. "Our goal is to drive high-accuracy mobile location technology and services to enhance future mobile revenues and penetration in current and [upcoming high-bandwidth] mobile services."
CPS has two products -- its location technology called Cursor; and a wide range of location-based applications for corporate and consumer use called Coverge.
CPS is already ahead of the pack, and says its application of the EOTD technology can locate a wireless user within 50 meters. Once carriers transition to high-bandwidth third generation networks, the company says it will be even more accurate.
Friday's funding also means wider adoption for the Cambridge, England-based firm's technology -- Ericsson and Nortel Networks both have signed agreements integrating CPS' Cursor technology into their systems.
Other new investors in CPS's third round of funding include Infineon Technologies and Siemens' Mustang Ventures, with increased capital from existing investors 3i, Alta Berkeley, Argo Global, CRIL, Prelude, and Sofipa International.
While technology firms are inking deals to expand their products' adoption, wireless marketing firms are also partnering for a cut of the location-based advertising market. For one, Montreal-based Profilium recently inked a deal with Lucent Technologies, while DoubleClick has a deal with wireless firm 2Roam and CMGion's AdForce has an agreement with Cel-Loc.