KANATA, Ontario—Wireless broadband service provider BelAir Networks hopes to build on its municipal Wi-Fi business after scoring $21.4 million in a Series D financing round.
Ventures West Management Inc. led the round; other investors included Trilogy Equity Partners, Comcast Interactive Capital, T-Mobile Venture Fund, Panorama Capital, VenGrowth Capital Partners Inc. and BDC Venture Capital. MMV Financial provided a $5 million loan in addition to its financing stake.
BelAir has won municipal Wi-Fi contracts in London, Toronto, Minneapolis and Washtenaw County, Mich. The company has also received Federal Communications Commission certification for its WiMAX mesh gear, and believes service providers may look to use the next-generation technology for backhaul while continuing to employ Wi-Fi for access.
“In the last year, BelAir has landed top-tier customers in each of its target markets—municipal, cable and cellular,” said Sam Znaimer, senior vice president of Ventures West. “This funding will give BelAir expanded resources with which to respond to strong market demand and to accelerate its sales and marketing initiatives.”
