NextNav, LLC, a Sunnyvale, Calif.-based provider of 3D geolocation services, raised $120m in debt and equity financing.
Funds managed by affiliates of Fortress Investment Group, LLC (“Fortress”) led the round, with existing investors Columbia Capital, Telcom Ventures, funds managed by Goldman Sachs Asset Management, L.P., NEA, Oak Investment Partners and Future Fund, participating.
The company intends to use the funds 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.
Led by Ganesh Pattabiraman, Co-Founder and CEO, NextNav provides Metropolitan Beacon System (MBS)-based services which enable mobile phones, autonomous vehicles and IoT devices to provide Position, Navigation and Timing Services (PNT) and serve as a backup to GPS in indoor and urban metropolitan environments. Delivered over a managed terrestrial network with carrier-grade dependability and metropolitan-wide coverage, the company’s services are designed for public safety applications, E911, PNT services for Critical Infrastructure, as well as a multitude of consumer, IoT and commercial applications that require reliable 3D geolocation and timing services indoors and in urban areas.