NewPath Networks LLC, a Seattle-based wireless infrastructure company, has secured a $10 million line of credit from Square 1 Bank. Earlier this year, NewPath raised $30 million in equity from Charterhouse Group ($20m) and Meritage Funds ($10m).
NewPath Networks, an industry leader in the design, development and operation of fiber-fed DAS (distributed antenna systems) wireless carrier networks, today announced that Square 1 Bank will provide the company with a $10 million line of credit. NewPath will use the line of credit to help fund continued expansion of the company’s DAS networks in new and existing markets throughout the U.S.
“The line of credit from Square 1 Bank is a key component of our plan to support the continued demand for tier-one wireless voice and data services through the expansion of our multi-carrier DAS networks,” said Mike Kavanagh, chief executive officer of NewPath Networks. “We are excited about the partnership with Square 1. It validates New Path’s strategic plan to meet increasing market demand for wireless services and to deliver value for both our clients and our investors.”
“We look forward to being a partner in New Path’s future growth and profitability. We are impressed with the strategic plan their management team has in place, and are pleased to support a company who shares the adaptive, flexible and forward-looking approach that our bank values,” said Bob Van Nortwick, Western Regional Manager for Square 1 Bank.
ABOUT SQUARE 1 BANK
Square 1 Bank is a full service commercial bank providing financial services to venture capital firms and entrepreneurs. Square 1’s expertise, focus and strong capital base provide solid support for its clients’ needs in all stages of growth and expansion. To serve its relationships, Square 1 has offices coast to coast in Austin, Boston, Boulder, Durham, McLean, New York, San Diego, Santa Monica, Seattle, and Silicon Valley. For more information, visit www.square1bank.com.
ABOUT NEWPATH NETWORKS
NewPath Networks is a wireless infrastructure company that designs, develops and operates fiber-fed wireless carrier networks using a distributed antenna architecture to improve signal strength and network capacity. NewPath’s solutions address wireless network capacity demands due to growth in data and multimedia applications. The company’s cost-effective, invisible wireless networks accommodate multiple carriers without new cell site or tower build-out. Communities choose NewPath Networks because the distributed antenna architecture enables concealment of antennas and equipment, and provides cellular coverage across multiple carriers with minimal aesthetic impact. NewPath’s solutions are also ideal for large corporate or university campus environments, where the systems provide on-campus coverage and capacity for multiple carriers with a single system that is managed by NewPath Networks. Service providers that license space on these systems gain efficiencies in time-to-market and reduced capital expenditures for hardware, facilities, and stealth building costs, as well as reductions in ongoing operational expenses. For more information, visit http://www.newpathnetworks.net.