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UPDATE: BLiNQ raises $10M in VC funding

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Published on September 19, 2012; Published on September 18, 2012
Courtney Symons

A company made up of Nortel Networks’s intellectual property and wireless assets recently secured $10 million of venture capital.

Topics :: Nortel , BLiNQ Networks , New Venture Partners , Plano, Texas , Kanata , Ottawa

BLiNQ Networks Inc., headquartered in Plano, Texas but with half its employees at its Kanata office, raised capital from New Venture Partners, Summerhill Venture Partners and BDC Venture Capital, according to a company release.

The money is a second wave of series-A funding after raising $7.4 million from the same three funders in 2011 and using it to set up research and development facilities in Ottawa.

The company was founded in 2010 after obtaining court approval for its $650,000 acquisition of Nortel’s assets.

More than 40 employees work in Ottawa for BLiNQ, which uses Nortel’s non-line-of-sight wireless backhaul research. The technology makes it easier and more cost-effective to send wireless traffic back to mobile operators.

Published reports initially stated that the funds were from a series-B round of funding.

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