InnerWireless rounds up an additional $3M

InnerWireless rounds up an additional $3M

InnerWireless Inc. has raised $3 million in a fresh round of equity financing.

Investors in the Richardson tech company include Dallas’ Sevin Rosen Funds, Plano’s Technology Associates Management Co., New York’s Rho Ventures and Massey Burch Capital Corp. of Tennessee.

Since its 2001 inception, InnerWireless has raised at least $66.7 million in venture funding, according to Dallas Business Journal research.

The company, which declined to comment, also landed a $9.5 million debt facility from Silicon Valley Bank in May.

The most-recent financing, disclosed in a June 5 filing with the Securities and Exchange Commission, is listed as a fourth round.

In a May interview, Chris McCoy, the company’s senior vice president and chief financial officer, said InnerWireless had about 100 employees, and that he “wouldn’t be shocked” to see 30 to 50 new hires over the next 12 months.

McCoy declined to reveal the company’s revenue, but did say it had a strong 2007 and that he expected a “much stronger” 2008. In a May 1 news release, InnerWireless said it booked more than $10 million in “health care orders” in the first quarter of this year.

The company’s technology allows wireless devices like cellphones to be used anywhere in large buildings and campuses. A large amount of its business comes from health care facilities, especially hospitals, and it has installed its gear in locales ranging from Beijing and Singapore to Hong Kong.

Roman Kikta, managing partner of the Addison venture-capital firms Genesis Campus and Mobility Ventures, says InnerWireless has made “good progress” at carving out niches for its technology, including hotels, hospitality and gaming.

“The company is well-positioned for success,” he says.

Jeff Bounds
Staff writer