DUISBURG, Germany--(BUSINESS WIRE)--mimoOn GmbH, a leading developer of LTE software for Small Cells and terminals, today announced it has closed a Series B investment round. Participants are the existing investors, the management team and a new tranche of investors including the German Start-Up Group as well as private investors. The funds will be used to expand sales and support activities and accelerate product development for next the next generation of LTE technology.
“We have great confidence that the management team has the years of experience in the wireless industry to execute the business plan.”
“mimoOn’s LTE product portfolio is unparalleled. No other developer has the breadth and depth of products for both terminal and Small Cell product developers,” says Dr. Claas Heise, responsible for Technology and Innovations Investments at NRW.BANK in Düsseldorf, Germany. “We have great confidence that the management team has the years of experience in the wireless industry to execute the business plan.”
According to Dirk Friebel, CEO, “The completion of our Series B funding is timed perfectly so we can accelerate development of our leading edge LTE Small Cell and terminal software frameworks. mimoOn is the only independent developer with a complete top-to-bottom software offering for product developers. This investment will allow us to win more customers across the globe and move the entire product portfolio to LTE Release 10.”
mimoOn delivers the core software that drives Small Cell base stations and User Equipment products such as USB modems, smartphones and fixed wireless terminals. mimoOn’s customer base currently extends across Asia, Europe and North America. LTE is the world’s 4G wireless technology, used today by over 200 network operators in 76 countries, according to the Global mobile Suppliers Association. By 2016, over 600 million subscribers are expected to be using LTE for its high speed data rates, ideal for streaming multimedia content.