CradlePoint Closes $7.5 Mln Funding Round

CradlePoint Technology said Tuesday that it has closed a $7.5 million Series B venture round of funding. OVP Venture Partners led the round which also included current investor Highway 12 Ventures. Boise, Idaho-based CradlePoint makes cellular routers and software platforms for 3G and 4G mobile broadband networks.

PRESS RELEASE

CradlePoint Technology® announced today that it has closed a Series B round of $7.5 million venture funding. The proceeds will be used to accelerate deployment of CradlePoint’s industry-leading 4G/3G routers and services into enterprise retail and branch locations. The round was led by OVP Venture Partners and included current investor Highway 12 Ventures.

Pat Sewall, CradlePoint CEO said, “The deployment of 4G technologies will create significant new opportunities for wireless connectivity and services in the distributed enterprise, retail POS markets, and 4G primary connect markets. CradlePoint is making the necessary investments needed to accelerate our leadership position in developing 4G/3G networking products and services.”

Gerry Langeler, Managing Director of OVP Ventures added, “CradlePoint has established the technology, plus key carrier and channel alliances needed to maximize their position in the 3G/4G networking market. We are committed to helping the company extend its leadership position as the market continues its rapid growth.”

As part of the new round, Langeler has joined the CradlePoint Board of Directors.

About CradlePoint Technology

CradlePoint engineers and manufactures cellular routers and software platforms that facilitate secure mobile computing via the 3G and 4G mobile broadband networks. CradlePoint’s unique WiPipe™ technology provides access and traffic management to improve the security and quality of the online mobile experience. CradlePoint is a privately held company with headquarters in Boise, Idaho. Learn more about CradlePoint products at www.cradlepoint.com.

About OVP Venture Partners

For 28 years OVP Venture Partners has led the drive into new, high-growth, complex-technology companies, with a concentration on the Pacific Northwest. OVP focuses on early-stage investing in three core sectors – Information Technology, Biotech and Cleantech. The firm’s extensive experience includes 52 successful exits, including 22 IPOs – more than any other Pacific Northwest venture capital firm. For more information please visit www.ovp.com.

About Highway 12 Ventures

Highway 12 Ventures is a leading early-stage VC fund investing in high-growth, entrepreneurial companies in the Intermountain West. For more information please visit www.highway12ventures.com.