OTTAWA – Spotwave Wireless, a six-year-old Canadian startup whose technology sought to improve cellphone reception inside large buildings, has been placed into receivership after using up an estimated $36 million in venture capital.
The Ottawa-based company, which employs 70 people, closed down abruptly last December, according to new reports, and hasn’t offered any public comments since then. A Toronto insolvency trustee has been appointed to close up the company’s operations.
The company turned “smart antenna” technology into a line of SpotCell hardware that was marketed in Canada, the United States and China. The firm received backing from Dow Corporate Venture Capital, Motorola, Newbury Ventures, VenGrowth Private Equity Partners, Primaxis Technology Ventures, Skypoint Capital, VentureLink Fund, The GrowthWorks Canadian Fund and RBQ, Ltd. and had obtained $12.5 million in financing as late as last year.