Indoor location provider NextNav has closed last week a $70 million Series D round of financing led by New Enterprise Associates (NEA) and Oak Investment Partners, who were joined by existing investors Columbia Capital, Telcom Ventures and Goldman Sachs Investment Partners.
The financing will be used to extend the commercialization of NextNav’s Metropolitan Beacon System (“MBS”) positioning network that offers horizontal and vertical location services inside buildings and in urban canyons. The company is deploying its network much like a cellular network, resulting in wide-area coverage that delivers its location services to every building within its network footprint.
NextNav’s MBS network is built using its own FCC licensed spectrum. In terms of device deployment the system has a low impact on the bill of material as it requires only a firmware upgrade to “typical” GPS chipsets.