Location technology company Radius Networks has capped its recent rapid growth with its largest round of funding to date.
CEO and co-founder Marc Wallace confirmed that the Georgetown company raised $15 million in a fresh Series A round. While a total 62 investors were involved in the round, a few notable names included venture capital firms Core Capital of D.C., New York’s Contour Venture and Seattle’s Pendrell.
This round follows three other early-stage rounds for Radius Networks — most recently $6.5 million in 2015 — amounting to $8.4 million in total funding since its founding in 2011. This included investments from Core Capital and Contour Venture.
The 50-employee company’s technology is as complicated as it is ubiquitous. Put simply, Radius Networks’ product is the reason an iPhone user can pay for something by passing the phone over a register or hungry families can track a deliveryman’s progress while waiting on dinner. Through small Bluetooth radio transmitters,…Read the full story from the Washington Business Journal.