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28 March, 2006 - 08:20 By Staff Reporter

Ubisense closes £1.72m funding

 To support the continued rapid growth of its precise real-time location system, Cambridge based Ubisense has closed a £1.72m funding round.

The financing was supported by existing Ubisense shareholders, Cambridge Angels and Cambridge Capital Group.

Ubisense plans to increase its investments in product development, and sales and marketing initiatives to expand its ability to meet the precise location tracking needs of companies worldwide.

Over the past two quarters, Ubisense has announced several strategic business moves to ensure consistent support for its accelerated growth pattern.

Ubisense announced a merger with Ten Sails, a location technology consulting firm, which more than doubled the Ubisense employee headcount.

Ubisense also recently introduced its seven-member board of directors which includes some of the most successful and influential technology, financial and entrepreneurial executives from across the globe.

The company’s customer base has grown by more than 25 percent in the first quarter of this year.

Struan McDougall, a member of the Cambridge Capital private equity group has been impressed by the company’s commercial progress.

He said: “Ubisense has quickly made a name for itself. The company is directed by a highly respected team of industry executives and its precise location technology offers cutting edge business process improvements that have never before been possible to achieve.

“Our financial investment is proof of our confidence in Ubisense. It's a company to watch in 2006.”

The Ubisense precise RTLS platform utilises ultra-wideband (UWB) technology to locate assets and people within 30 cm in 3D. This enables customers to identify process inefficiencies and devise optimum workflow strategies to achieve significant operational savings and improve safety measures.

CEO Richard Green said: “Every day we find new ways our technology can provide value for our customers and partners. The near-immediate return on investment several of our customers have reported has exceeded even our own expectations for how quickly our RTLS technology can generate financial gains.

“We plan to continue to meet the increasing global demand for the Ubisense precise location tracking platform and execute on our aggressive growth strategy that is purposely designed to effectively manage our rapid rate of growth.”

The company is headquartered in Cambridge and has offices in Denver, Dortmund and Singapore.

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