Comcast and T-Mobile Venture Fund-backed wi-fi technology company Belair Networks has sold to Sweden-based telecoms equipment company Ericsson for an undisclosed sum.
The exit for the ten year old company, comes after it raised an estimated $62.9m in its history. The company provides wi-fi products for telecoms carriers and has 120 employees.
The Canada-based company raised $17.5m in a fifth round of funding from investors including Comcast Interactive Capital, T-Mobile Venture Fund, Deutsche Telekom’s corporate venturing unit, venture firms Trilogy Equity Partners and Wellington Financial as well as local funding agency Export Development Canada in December 2007.
Other backers of the fifth round were venture firms Panorama Capital (formerly JPMorgan Partners), VenGrowth Capital Partners, BDC Venture Capital, Ventures West Management, McLean Watson and MMV Financial.
In 2006 the company raised $21.4m in a series D which also included telecoms company Western Wireless’s chief executive John Stanton.
In 2004 the company raised $2m from T-Mobile Venture Fund, while in 2003 the company raised a $13m series B round which brought total investment in the company to $22m at that time.