McLean, Va. – NextNav, a McLean-based location technology startup headed by Gary Parsons, the founder of XM Satellite Radio, has raised $19.2 million in a new round of funding, according to a filing with the Securities and Exchange Commission (SEC).
The funding, from four unnamed investors, came in the form of equity and convertible promissory notes. NextNav, formerly known as Commlabs, has developer technology capable of precisely locating objects in buildings and urban areas, where GPS signals can’t reach. The service works wherever cell phone signals are available.
Parsons, who stepped down last year as chairman of the combined Sirius XM Radio, serves as chief executive officer, while Rajendra Singh, the founder of LCC International, serves as chairman.
This article was also published in Potomac Tech Wire.
SEC filing – http://tinyurl.com/6oxv7bh