NextNav LLC (“NextNav”) closed its US$70 million Series D funding led by venture capital firms New Enterprise Associates and Oak Investment Partners, along with Columbia Capital, Telcom Ventures, and GoldmanSachs Investment Partners. The deal is 2014’s largest venture capital funding to date for a D.C.-area tech company. Hogan Lovells advised NextNav in the deal.
NextNav, launched by former XM Satellite Radio CEO Gary Parsons, is a leading provider of location services for indoor and urban environments. The financing will be used to extend the commercialization of NextNav’s revolutionary Metropolitan Beacon System (“MBS”) positioning network. MBS provides accurate horizontal and vertical location services inside buildings and in urban areas where satellite-based GPS signals aren’t available or reliable. NextNav is deploying its MBS network much like a cellular network, resulting in wide-area coverage that delivers its location services to every building within its network footprint.
Hogan Lovells corporate partner Richard Becker from the Northern Virginia office led the team, with assistance from Corporate partner Randy Segal, Antitrust partner Michele Harrington, Corporate associate Gabrielle Witt (all Northern Virginia), and Washington, D.C. Tax partner Shawna Tunnell.