9-1-1 Location Firm NextNav Raises $120M in Funding
Wednesday, January 15, 2020 | Comments

NextNav announced it raised $120 million in debt and equity financing. Funds managed by affiliates of Fortress Investment Group led the round with NextNav’s existing investor base, including Columbia Capital, Telcom Ventures, funds managed by Goldman Sachs Asset Management, NEA, Oak Investment Partners and Future Fund, all participating.

NextNav is using this round of capital to deploy its geolocation platform known as Metropolitan Beacon System (MBS) in a phased manner starting with its precise “altitude determination” capability (Z service) enabling floor-level determination in major urban markets across the U.S. Subsequent phases of the MBS deployment, similar to GPS, will provide precise 3D position, navigation and timing (PNT) indoors and in urban areas and can act as a backup to GPS for critical infrastructure, mobile phones, internet of things (IoT) devices and autonomous systems.

The NextNav platform provides Z axis location within less than 3 meters or floor level. The technology has been tested in an FCC-mandated location technology test bed.

Executives said the technology also improves situational awareness for first responders, provides better context in commercial location-based services and determines precise altitude for drones and other autonomous systems.

“NextNav has the technology and the vision to pioneer a fundamentally new chapter for location-based services,” said Drew McKnight, managing partner of Fortress. “NextNav has built an extensive and impressive technology platform, and we believe commercializing their Z-axis service will be game changing for the industry.”

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