Vanedge Capital does first deal with Seattle’s SignalSet

Seattle-based SignalSet announced today that has secured $6 million from Vanedge Capital, Point B Capital, Globespan Capital Partners and Razorback Capital.

SignalSet has developed the first wireless infrastructure solution that allows machine-to-machine device manufacturers and OEMs to deploy and remotely manage wireless devices capable of seamlessly switching between GSM and CDMA wireless networks with no manual intervention.

With SignalSet’s patent-pending Remote Carrier Switching technology, wireless machine-to-machine devices are being built to have continuous carrier choice, freely moving between networks as needed to maximize coverage, data transmission speed, and automatic redundancy at an affordable price.

Vancouver’s Vanedge Capital led the round joined by Point B Capital.  Globespan Capital Partners and Razorback Capital, among seed investors that first backed SignalSet, also participated in the round.

 

“We’re focused on companies that apply game mechanics to business applications to create compelling interactive digital experiences, and SignalSet’s soon-to-be-released multi-network telematics solution with its modern user interface is but one example of the breakthroughs that are now possible in the machine-to-machine arena,” said Vanedge CFO and partner Divesh Sisodraker.  “That’s important as increasingly, truly interactive services will sit at the heart of mission-critical operations that shouldn’t be dependent upon a single carrier’s network.”

SignalSet’s CEO is serial entrepreneur Peter van der Gracht. Van der Gracht is very involved in Vancouver’s tech space and is currently chairman of Quick Mobile, Light-Based Technologies and Wavefront.

In today’s press release Van der Gracht said the Series A funding will be invested in ongoing product development, product launch, and marketing initiatives conducted collaboratively with the company’s first development and distribution . That partner is a Fortune 500 corporation that soon will introduce to the trucking industry a new telematics service featuring SignalSet’s patent-pending Remote Carrier Switching technology.

Vancouver’s Vanedge Capital is a venture capital fund with over $100 million in committed capital focused on investments in interactive entertainment and digital media businesses. Vanedge limited partners include Teralys Capital, BC Renaissance Capital Fund, BDC Venture Capital, Nicola Wealth Management Ltd., as well as additional institutional investors and a select group of individual investors.