The funding, which includes new investor Mitsui & Co. Global Investment Ltd., was achieved at a 25 percent increase to the price per share in the previous funding round, Neul said. Existing shareholders, including DFJ Esprit, IQ Capital, Business Angels and founding employees, also participated in this funding. Mitsui Global Investment (MGI) is a subsidiary of Japanese trading company Mitsui & Co. Ltd.
Neul's first product is a radio system specifically designed for TV white space that consists of a base station, battery-powered terminal device, antennas and a set of PC based network management tools. Neul's networks are designed to operate in the licence-free television white space part of the spectrum around 400-MHz to 800-MHz.
The money raised will be used for the continued development of the technology and commercial deployment, including planned networks in the United Kingdom, United States and Singapore.