Financing led by Fortress, Joined by Existing Investors
SUNNYVALE, Calif., Jan. 15, 2020 /PRNewswire/ -- NextNav, LLC, the leader in 3D geolocation services, today announced it raised $120 million in debt and equity financing. Funds managed by affiliates of Fortress Investment Group, LLC ("Fortress") led the round, with NextNav's existing investor base, including Columbia Capital, Telcom Ventures, funds managed by Goldman Sachs Asset Management, L.P., NEA, Oak Investment Partners and Future Fund, all participating.
NextNav is using this round of capital to deploy its geolocation platform known as Metropolitan Beacon System ("MBS") in a phased manner starting with its precise "altitude determination" capability ("Z service") enabling "floor level" determination in major urban markets across the U.S. Subsequent phases of the MBS deployment, similar to GPS, will provide precise 3D Position, Navigation and Timing indoors and in urban areas and can also act as a backup to GPS for critical infrastructure, mobile phones, IOT devices and autonomous systems.
Current location services only provide horizontal position (or x-y) of the smartphone or IOT device; now with the MBS platform's phased deployment the vertical dimension (or "Z Axis") can also be determined precisely (less than 3 meters or floor level). The technology enables many new capabilities, such as allowing wireless carriers to precisely geolocate callers in the "Z dimension" and meet the Federal Communication Commission's (FCC) latest 911 requirements, improve situational awareness for first responders, provide better context in commercial location-based services and determine precise altitude for drones and other autonomous systems.
"We are pleased to welcome Fortress to our investor group, and for taking the lead on a financing that we believe will have a transformational effect on location services and bring a new 'dimension (Z)' to commercial and public safety applications in the mobile, IOT and autonomous vehicles at scale," said Ganesh Pattabiraman, NextNav's Co-Founder and CEO.
"NextNav has the technology and the vision to pioneer a fundamentally new chapter for location-based services," said Drew McKnight, Managing Partner of Fortress. "NextNav has built an extensive and impressive technology platform and we believe commercializing their Z-Axis service will be game changing for the industry."
NextNav's revolutionary Metropolitan Beacon System (MBS)-based services enable mobile phones, autonomous vehicles and IoT devices to reliably provide Position, Navigation and Timing Services (PNT) and serve as a backup to GPS in indoor and urban metropolitan environments. Delivered over a managed terrestrial network with carrier-grade dependability and metropolitan-wide coverage, NextNav's services are designed for public safety applications, E911, PNT services for Critical Infrastructure, as well as a multitude of consumer, IoT and commercial applications that require reliable 3D geolocation and timing services indoors and in urban areas. For more information, visit NextNav.com or follow NextNav on LinkedIn.
Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $41.5 billion of assets under management as of September 30, 2019. Founded in 1998, Fortress manages assets on behalf of over 1,750 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. For more information regarding Fortress Investment Group LLC please visit www.fortress.com.
PJT Partners LP
PJT Partners LP served as financial advisor and placement agent to NextNav in connection with the financing.
Hogan Lovells served as the legal advisor to NextNav in connection with the financing.
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FortyThree PR (for NextNav)