M87 Announces $5 Million Financing Round to Deliver Software Solution to Improve Consumer Wireless Coverage and Enable Communications at the Network Edge
Company Brings on Industry Veteran Cole Brodman as CEO as it moves into Growth Mode
SEATTLE, November 17, 2016-- M87, which is a software only solution to enable wireless carriers and app developers to create a “Proximate Internet” of directly connected mobile devices, announced today a $5 million round of funding led by Madrona Venture Group with participation from Qualcomm Ventures, the investment arm of Qualcomm Incorporated, and Trilogy Equity Partners. The company also announced that it is bringing on wireless industry veteran and M87 board member Cole Brodman as CEO.
M87’s technology platform is deployed globally by wireless carriers and app developers to enable device-to-device discovery, communications and proximate location information. These devices create a “Proximate Internet” - a network of devices in the same physical area connected via the M87 technology. By connecting devices directly at the edge of the network, M87’s software creates a platform that significantly improves connectivity for phones in poor coverage areas. The solution also creates a communications platform for app developers to enable new applications for direct device-to-device discovery and connectivity.
“As billions of smartphones and new devices become Wi-Fi and cellular network aware, the need for seamless connectivity and more bandwidth strains traditional wireless networks,” said Brodman. “The time for technologies that easily leverage the best coverage paths to the network is here, and M87 has a solution that has seen strong interest with wireless carriers and app developers. I’ve witnessed the company’s incredible potential from my time on the board. I’m excited to jump in and build a business that enhances current networks with software to support the growing data traffic on our networks from phones and connected devices of all types.”
Brodman has 25 years of experience in the wireless industry, spending a decade of it at then-wireless upstart T-Mobile as Technology and Innovation Chief, and as CMO. Since leaving T-Mobile in 2012, Brodman has been an active investor in numerous companies in the wireless arena and has been a Partner at Trilogy Equity Partners. The company is located in Bellevue, WA, an area rich in wireless and engineering resources and close to partners and customers.
“Cole has been a leader in the wireless industry and I am excited to back him and the talented team at M87,” said Len Jordan, managing director, Madrona Venture Group. “As the world smartphone population surges to nearly 4 billion and new IoT devices are coming to market everyday, the challenges for the network are becoming more apparent, while at the same time opening up new windows of opportunity to leverage these devices at the network edge. M87’s unique technology seeks to broaden the uses of the phone and the connectivity required for exciting new applications.”
M87 is developing a Proximate Internet of connected devices and sensors. Wireless technology providers and app developers can tap into the M87 technology to create location awareness, optimize network connectivity and communicate between devices. With technology invented by Founder and VP of Technology, Vidur Bhargava and Dr. Sriram Vishwanath in the ECE department at the University of Texas at Austin, the company is committed to revolutionizing wireless networks and consumer connectivity experiences.
Erika Shaffer, 206-972-5514
Venture Capital Database