NextNav Closes $70M Series D Financing
Summary
NextNav LLC, a Sunnyvale, CA and McLean, VA-based provider of location services for indoor and urban environments, closed a $70m Series D financing.The round was led by New Enterprise Associates (NEA) and Oak Investment Partners, with participation from existing investors Columbia Capital, Telcom Ventures and Goldman Sachs Investment Partners.Peter Barris, Managing General Partner at NEA, and Bandel Carano, Managing Partner at Oak will join NextNav’s Board of Directors, in conjunction with the funding.The company intends to use the funds to extend the commercialization of its Metropolitan Beacon System positioning network.Led by CEO Gary Parsons, NextNav offers MBS, which provides horizontal and vertical location services inside buildings and in urban areas where satellite-based GPS signals aren’t available or reliable.