Polaris Wireless, a provider of software-based wireless location solutions, has revealed that it has closed on a recapitalization of existing equity interests. As part of the recapitalization, Polaris Wireless completed a Series C financing with $10 million from the investment firm Industry Ventures.
The managing director of Industry Ventures, Victor Hwang, has joined the Polaris Wireless Board of Directors. Hwang is optimistic in regards to Polaris' future, and sees the company as a fertile investment.
“Industry Ventures seeks to invest in market leading growth companies and we believe Polaris Wireless is a clear leader in the wireless location market,” Hwang stated. “We are very excited about Polaris Wireless’ strong growth trajectory and global presence, and look forward to working with Manlio Allegra and the senior team at Polaris Wireless in their next chapter of growth.”
Industry Ventures' investment returned capital to Series A investor, Draper Fisher Jurvetson. The funds will go toward backing Polaris Wireless’ international growth in the future.
“We look forward to an exciting new growth chapter for our company with Industry Ventures by our side,” said Manlio Allegra, the CEO of Polaris Wireless and its co-founder.
Founded in 1999, Polaris Wireless is a rising star in Silicon Valley. The company has become recognized as a strong player in the wireless location services market, sporting a substantial increase in revenue and profitability in 2011 and 2012, driven largely by its location solutions which are growing internationally.
At present, there are 24 U.S. wireless carriers, six managed services partners, and 15 international deployments that leverage Polaris Wireless location solutions. The services allow for emergency call applications, lawful and mass location surveillance, and other location-based services.
Edited by
Ashley Caputo 
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