LONDON and RALEIGH, N.C. -- LastMile
Communications (www.lastmilecoms.com), a provider of edge-of-network
wireless content delivery solutions, today announced that it has closed a
third round of equity funding, raising £4,128,684 and well over its' target
of £3 million.
Following the successful closure of this round of funding, LastMile has now
raised a total of £10.5 million in equity finance since financing began.
Funding has been secured from a total of 195 private investors, including
international defence and security technology company QinetiQ and a number
of hedge funds. A further £6.4 million loan was also secured from a major
technology partner.
The received funding will be used to market LastMile's 'content delivery
solutions', which can provide a sustainable business model for municipal
wireless networks. By combining edge of network caching with processing, and
uniquely delivering content to wireless devices and digital displays,
LastMile not only optimises bandwidth utilisation but also provides new
revenue streams for municipal deployments.
Antony Abell, Chairman of LastMile Communications and head of LastMile
financing, commented: "LastMile is making exciting progress in the
commercial deployments of municipal wireless platforms, demonstrated by the
recent Exeter pilot. As we continue to take advantage of opportunities in
key markets like North America, this funding will help the company to grow
further still. LastMile combines a strong management team with a completely
unique value proposition, helping to close the financial case for municipal
wireless networks."
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