Silicon Valley Bank has provided $9.5 million in debt financing to InnerWireless, Inc., a provider of in-building enterprise converged wireless solutions. The company plans to use the financing to fuel its growth and meet increasing market demands. Silicon Valley Bank is a member of SVB Financial Group (SIVB).
InnerWireless helps businesses from Fortune 500 companies to health care and hospitality maximize the power of their wireless investments, regardless of the technology. “Horizon” from InnerWireless makes it possible to unify virtually all wireless services onto one comprehensive and specifically engineered platform and guarantee wireless coverage for mission- and life-critical applications. InnerWireless’ “PanGo” solution is the first unified asset visibility platform to aggregate and synthesize data from a variety of RTLS, RFID and sensor sources and then integrate it with enterprise applications to deliver a cost-optimized, future-proof solution for location-enabling the extended enterprise.
“InnerWireless is in a period of significant growth as demand accelerates from all business segments, especially health care and hospitality where having a guaranteed blanket of in-building wireless coverage to the edge of the facility is mission- and life-critical,” said InnerWireless chief financial Officer Chris McCoy. “We are pleased that Silicon Valley Bank is assisting InnerWireless during this period of rapid expansion. InnerWireless has emerged as the leading provider of in-building wireless services because our architecture, engineering and overall approach to customer challenges makes InnerWireless the preferred provider of in-building enterprise wireless services.”
Mr. McCoy went on to say: “We are actively utilizing the facility. It’s conducive to use debt for growth instead of just relying on equity. That way we can grow the business at a high rate of speed, and not dilute the company and the current shareholders.”
McCoy declined to say how much revenue InnerWireless brings in, but says the company had a “strong 2007” and that he expects a “much stronger 2008.” InnerWireless has about 100 employees. McCoy added he “wouldn’t be shocked” to see 30 to 50 new hires brought onboard over the next 12 months.
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