XP Technology, a provider of end-to-end fixed wireless solutions, announces that it has formed strategic alliances with three venture capital firms and one corporate partner, receiving $8 million in first-round funding. The participating entities involved are Lime Rock Partners, Kinetic Ventures, Siemens Venture Capital and Siemens Power Transmission and Distribution. XP Technology connects customers with their remote devices and assets, using a combination of proprietary Web-based software, wireless networks and intelligent interface hardware. The new funding will be used to expand the company’s software into several new vertical markets, including as an application service provider (ASP) and a method for expanding connectivity to personal mobile devices.
“In addition to their financial commitment, each of these firms brings unique industry insight, experience and strategic vision that will facilitate XP Technology’s positioning as the leader in the emerging field of fixed wireless technology,” says Mark Rodgers, CEO. In addition to first-round funding, the partnership with Siemens Venture Capital and Siemens Power Transmission and Distribution will provide XP Technology with access to a worldwide network of companies, sales channels and R&D facilities.
