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December 22, 2009

Microdata Raises $1.37 million to Fund International Expansion

By Anil Sharma, TMCnet Contributor

Microdata Telecom Innovation AB has reportedly raised 10 million SEK, or around $1.37 million from venture capital firm InnovationsKapital and from existing shareholders through an equity issuance. 

The company will utilize money for international expansion.

Microdata officials said that the company is currently expanding internationally to address a rapidly growing global market for Microdata Advanced Site Solutions, or “MASS,” in the mobile infrastructure market. 

“Through this equity infusion, we are able to further expand our marketing and sales internationally with our portfolio of state of the art radio products within Advanced Site Solutions,” Mats Gustavsson, CEO and co-founder of Microdata, said in a statement. 

“We believe that InnovationsKapital will be a valuable partner as we grow the company”, Gustavsson added.

Microdata Telecom Innovation AB offers cost effective radio solutions to OEMs and Network Operators, in order to improve radio coverage, capacity and quality of mobile communications. The company has offices in Täby, Sweden and in India.

Martin Falkevall from InnovationsKapital said that Microdata is led by an impressive team with solid experience both from the industry and from building companies. 

“We have been impressed by their early customer traction and are looking forward to an exciting journey together with the company in the coming years,” Falkevall said.

InnovationsKapital was founded in 1994 as an independent private equity/venture capital firm focused on investments in growth companies. 

The company’s investment strategy is to invest in technology companies in the Nordic countries

Anil Sharma is a contributing editor for TMCnet. To read more of Anil’s articles, please visit his columnist page.

Edited by Kelly McGuire

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