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TODAY'S HEADLINES
August 15, 2008
[08-15-2008 Satellite News] Brilliant Telecommunications Inc. (Brilliant) completed the second close of its Series B financing.
Series B is a timing system that helps service providers transition to IP backhaul, mobile WiMAX services and in-home basestations. The company said that they decided to close so that they can accelerate the launch of new products in Europe and North America.
This second close brings the total Series B round of capital raised to $11 million, lead by NovAtel Inc. (NovAtel), and including participation from Onset Ventures, Asset Management, Draper Associates, Draper Richards as well as other investors.
NovAtel, a wholly-owned Canadian subsidiary of Hexagon AB, made an initial investment in October 2007 and has an exclusive cooperation agreement with Brilliant to jointly develop solutions for the global network timing market.
“NovAtel is an ideal partner for us, as it offers leading Global Navigation Satellite System (GNSS) technology across the US GPS, Russian GLONASS and European Galileo satellite systems, and is well positioned for the Chinese COMPASS system in the future,” said Dr. Charles Barry, President and CEO of Brilliant.
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