Neul, the pioneering Wireless Communications Company which is developing new wide-area cellular network technology dedicated to Machine-2-Machine traffic, today announces that it has secured an additional $5m in equity funding and attracted Mitsui & Co. Global Investment Ltd (“MGI”) as an investor.
The $5m announced today will help fund the continued development of Neul’s world-beating technology towards full-scale production and commercial deployment, including its’ planned networks in the UK, US and Singapore. Reflecting the significant progress made by Neul, the funds were raised at a 25% increase to the price per share in November 2011.
Neul is pleased to welcome MGI as a new investor. MGI is a subsidiary of Mitsui & Co. Ltd., one of the most diversified and comprehensive trading, investment and service enterprises in Japan. It is important for Neul to attract investors like MGI, who can see the global potential of our technology and can assist Neul strategically and operationally around the world. MGI is an ideal investor from that perspective and will help develop Neul’s already significant activities, particularly in Asia.
Neul’s existing shareholders (DFJ Esprit, IQ Capital, Business Angels and founding employees) remain very supportive and participated in this funding.
James Collier, CEO and Founder of Neul said “I am pleased to have broadened our shareholder base and very much welcome Mitsui to Neul. The scale and breadth of their activities will be of great benefit to us. I would also like to thank our existing shareholders for their support as we move into the next phase of our development.”
David Smyth, CFO of Neul said:
“With this additional funding, Neul is able to follow through the many opportunities we have built and accelerate our development towards commercial production and deployment.”
Neul is a Wireless Services and Solutions Company, developing world-beating wide-area wireless network technology dedicated to Machine-2-Machine traffic. Our networks are designed to operate in the licence-free TVWS (television white space) part of the spectrum range and host much of the capability in the Cloud.
Neul’s technology will allow large corporate customers to achieve wide-area connectivity in areas where it was previously technically or commercially unrealistic to connect devices (eg open-cast mines, oil fields, remote utility plants). For Telco operators, Neul’s M2M networks will free up capacity on 2, 3 and 4G networks (which is neither commercially or technically viable for M2M traffic), preserving that capacity for higher value voice and data traffic).
In parallel with developing the technology, Neul is leading the development of a new global Communications Standard (called ‘Weightless’) specifically designed for M2M traffic. We are working with many of the world’s largest companies, UK and US regulators and the Standard’s bodies to have ‘Weightless’ adopted as the global standard for M2M traffic. (www.weightless.org)