Spotwave Wireless Defunct?

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Well here’s a bit of sad news. Spotwave Wireless a company that developed indor Cellphone tower service repeaters has closed its doors. Or so the OBJ is saying.I remember the early team doing a spectacular job presenting their vision to local VC’s and Angels back in the summer of 2000 at an event.By my memory (which is usually wrong) I believe Primax Ventures and Ventures Coaches were the initial VC-funders in around 2001, for $2 Million, after an initial angel round of some 600K. I know some X-Newbridge alumni (Conrad Lewis and Ken Wigglesworth) while at Newbury also invested at some point. They did a $3 million round in 2003ish and landed a bigger round like $7-8 million in 2004, I think thats around when Shane Young stepped aside in favour of Bill Carlin for the CEO position. Then they picked another $10 million in early 2006, with motorola getting involved, I was told off the record that sales were in the $12- 15 million range at a party around then.Its too bad. I thought they had a good team and great potential and were gaining traction in China and the U.S.. Maybe there’s more here then we’re hearing about.

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Hi. My name is Matt Roberts, you can find me at www.mattroberts.com.

1 Comment

  1. belair Networks closes round « mattroberts.com says

    […] wellington financial by mattroberts on December 18th, 2007 Well after the sad news about an Ottawa based wireless equipment manufacturer closing down some good news. My friends over at Belair Networks just closed a $17.5 million round, with $5.5 […]

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