Azonic's technology extends the signals of wireless carriers into office towers using the LINKnet platform from sister company, Kaval Wireless Technologies. LINKnet allows Azonic to provide users with the ability to use their cell phones and other wireless devices in office spaces, parking garages and building lobbies where there is often signal interference from the metal infrastructure of the building.
By 2004, Azonic plans to have half-a-billion square feet of North America's office towers wirelessly enabled for cell phones, pagers and PDAs.
"Today's announcement allows Azonic to execute on its business plan to deploy in-building networks throughout North America to the benefit of wireless carriers, building owners and wireless users," Jeff Sopik, president and CEO, said in a release.
The strategic investors in the financing round were led by National Bank Financial and included B.E.S.T. (Business, Engineering, Science & Technology) Discoveries Fund, and Bank of Montreal Capital Corp.
"The fact that the issue raised $38 million and was over subscribed, in one of the toughest tech markets in five quarters, is a testament to the need for in-building wireless solutions and Azonic's potential as an early mover in one of the hottest hi-tech sectors, the in-building wireless market," said Brian Campbell, managing director of the investment banking technology group at National Bank.
