Hogan Lovells Advises NextNav in US$70M Financing
25 July 2014
MCLEAN, VA, 25 July 2014 – Hogan Lovells today announced that it advised NextNav LLC (“NextNav”) on its US$70 million Series D funding led by venture capital firms New Enterprise Associates and Oak Investment Partners, along with Columbia Capital, Telcom Ventures, and Goldman Sachs Investment Partners. The deal is 2014’s largest venture capital funding to date for a D.C.-area tech company.
NextNav, launched by former XM Satellite Radio CEO Gary Parsons, is a leading provider of location services for indoor and urban environments. The financing will be used to extend the commercialization of NextNav’s revolutionary Metropolitan Beacon System (“MBS”) positioning network. MBS provides reliable, accurate horizontal and vertical location services inside buildings and in urban areas where satellite-based GPS signals aren’t available or reliable. NextNav is deploying its MBS network much like a cellular network, resulting in wide-area coverage that delivers its location services to every building within its network footprint.
Corporate partner Richard Becker led the Hogan Lovells team with assistance from Corporate partner Randy Segal, Tax partner Shawna Tunnell, Antitrust partner Michele Harrington, and Corporate associate Gabrielle Witt.