NextNav LLC, the leader in 3D geolocation services, has announced it raised $120mn in debt and equity financing. Funds managed by affiliates of Fortress Investment Group, LLC led the funding round, with NextNav’s existing investor base. Other participators include Columbia Capital, Telcom Ventures, funds managed by Goldman Sachs Asset Management, L.P., NEA, Oak Investment Partners, and Future Fund.
Ganesh Pattabiraman, NextNav’s Co-Founder and CEO said, “We are pleased to welcome Fortress to our investor group, and for taking the lead on a financing that we believe will have a transformational effect on location services and bring a new ‘dimension (Z)’ to commercial and public safety applications in the mobile, IoT and autonomous vehicles at scale.”
NextNav is using this round of capital to deploy its geolocation platform known as Metropolitan Beacon System (“MBS”) in a phased manner starting with its precise “altitude determination” capability (“Z service”) enabling “floor level” determination in major urban markets across the U.S. Subsequent phases of the MBS deployment, similar to GPS, will provide precise 3D Position, Navigation, and Timing indoors and in urban areas and can also act as a backup to GPS for critical infrastructure, mobile phones, IoT devices, and autonomous systems.