Allied Minds raises £15m to develop wireless technology

Allied Minds was looking at a beefed-up Federated Wireless subsidiary on Monday, announcing the a successful $22m (£15.4m) Series A Preferred fundraising round for the firm.

The US-based FTSE 250 science and technology developer said the equity had come from investors including Woodford Investment Management ($15m) and Allied Minds itself ($5m).

Allied Minds said the proceeds of the funding would enable Federated Wireless to complete its Spectrum Access System (SAS) and Environmental Sensor Capability (ESC) certification, conclude the development and accelerate the commercialisation of its cloud-hosted CINQ platform, as well as conduct field trials in the second half of 2016 with its technology partners.

Federated Wireless described its Spectrum Access System as enabling "efficient sharing of spectrum resources", and its CINQ platform as providing "real-time management and allocation of these spectrum resources for government, telecom service providers and enterprises".

The company said its platform was designed to substantially improve the throughput, performance and capacity of wireless networks in densely populated areas and indoor environments.

"Federated Wireless has established itself as a leader in the development of a shared spectrum model which will provide growth opportunities for wireless carriers, as well as deliver significant benefits to enterprise users", said Allied Minds CEO Chris Silva.

"We are confident taht access to low-cost, high-quality spectrum will drive the next wave of growth in unlicensed LTE, similar to the growth of Wi-Fi over the last decade", he added.

Silva said the successful fundraising would enable Federated Wireless to accelerate the commercialisation of its proven technology.