Radius Networks Closes $2M Funding Round

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Leader in mobile proximity services, Radius Networks has secured $2M in funding to support its growth in fast-moving mobile market.

Radius Networks, Inc., the leading provider of mobile proximity services, today announced that it has secured $2M in a first round of funding from individual and strategic investors.

Radius Networks will use the proceeds of this round of financing to accelerate the growth and adoption of its ProximityKit.com proximity services platform, expand its line of iBeacon proximity beacons and development tools, and further its technology leadership position in the emerging proximity and location services market.

“We are seeing tremendous interest and opportunity in the proximity market, specifically in the area of iBeacon solutions and services,” said Marc Wallace, CEO and Co-Founder at Radius Networks. “This round of financing will help us fund the explosive growth of the company. Quite simply, this funding is critical as we are experiencing tremendous demand for ProximityKit and our iBeacon technologies.”

“Radius Networks’ technology innovation and ability to deliver and execute has established this team as a leader in the location and proximity services market. The influx of interest in iBeacon proximity solutions has led to huge demand for Radius Networks’ ProximityKit and their Android and iOS iBeacon tools and libraries,” remarked David Steinberg, Radius Networks chairman and a lead investor in the financing.

About Radius Networks
Radius Networks creates new and innovative ways to use wireless device signals for proximity and presence detection. Radius Networks’ cloud-based proximity services and products are used by mobile developers, major retailers, restaurant chains, sports complexes and other companies to drive innovative customer engagement and experiences. For more information, visit http://radiusnetworks.com or follow Radius Networks at @radiusnetworks.

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