Radius Networks, a Washington, DC-based provider of mobile proximity beacon services, completed a $6.5 million Series Seed C financing round.
The round, which included a $4.5M conversion of debt financing for the acquisition of mobile content management company 4DK in April 2014, was co-led by Core Capital Partners of Washington, DC, Contour Venture Partners of New York City, and Trilogy Partners of Bellevue, Washington. Tim Donahue, Former CEO of Sprint-Nextel, joined the Radius Networks Board as part of the 4DK acquisition.
The company, which has raised $8.4m to date, intends to use the funds to accelerate the growth of its proximity network and infrastructure that support enhanced mobile user-experience features using beacon, geofencing, and other technologies.
Led by Marc Wallace, Co-Founder and CEO, David Steinberg, Chairman, Radius Networks creates new and innovative ways to use wireless device signals for proximity and presence detection. Its cloud-based proximity services are used by major retailers, restaurant chains, sports teams, arenas, and other brick-and-mortar operations to generate business intelligence and drive novel customer engagement, including targeted mobile offers, mobile app improvements, integrated payments, dynamic digital signage, and personalized concierge services.