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Home Tech 3D GPS company NextNav will go public in SPAC at $1.2B value

3D GPS company NextNav will go public in SPAC at $1.2B value

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NextNav plans to go public at a $1.2 billion valuation via a particular objective acquisition company, or SPAC.

NextNav has spent the previous decade making an attempt to create three-dimensional positional expertise in order that smartphone customers can inform first responders and others the place they’re situated in a vertical dimension. If you’re in a skyscraper, it could possibly assist firefighters, police, and different first responders enormously in the event that they know precisely what flooring you’re on. NextNav can present that sort of data in actual time.

This sort of 3D geolocation expertise has lots of people excited, together with recreation corporations corresponding to Epic Games and Niantic. I lately did a webinar with NextNav concerning the potential for 3D geolocation expertise in video games.

The deal

The SPAC deal will assist NextNav turn out to be a public company sooner than if it did a conventional preliminary public providing (IPO). NextNav will mix with Spartacus Acquisition Corporation, ensuing in NextNav turning into a public company.

Gary Parsons, former chairman for Sirius XM Radio, will function chairman of NextNav, and NextNav fairness holders will roll 100% of their current fairness holdings into the mixed company.

The transaction values the mixed company at a professional forma implied enterprise value of about $900 million and a completely diluted professional forma fairness value of about $1.2 billion and is predicted to supply roughly $408 million in gross proceeds.

NextNav brings the Z-axis to navigation.

Above: NextNav brings the Z-axis to navigation.

Image Credit: NextNav

The deal additionally features a non-public funding in public fairness (PIPE), the place different traders have agreed to place $205 million into the widespread inventory at $10.00 per share. Those are strategic traders that embrace Koch Strategic Platforms, a subsidiary of the Koch Investments Group, in addition to funds managed by Fortress Investment Group, Ophir Asset Management, Woody Creek Capital Management, Quantlab Disruptive Technologies, Iridian Asset Management, and Sponsor of Spartacus Acquisition Corporation.

Proceeds will assist NextNav’s next-generation, 3D geolocation platform throughout a $100 billion international whole addressable market serving public security, e911, mass-market shopper apps, electrical vertical takeoff and touchdown plane (eVTOLs), drones, autonomous automobiles, web of issues, essential infrastructure, and numerous different sectors.

NextNav’s clients and companions embrace AT&T FirstNet, Motorola Mobility, Gimbal, Epic Games, Joby Aviation, and different location-based purposes. The company will be listed on Nasdaq beneath NN when it goes public in the third or fourth quarters.

“NextNav has spent over a decade developing its innovative 3D geolocation technology, bringing precise floor-level altitude to existing location services and in-building, resilient location and timing enhancements to traditional GPS capabilities,” stated Parsons, in an announcement. “As with the creation of satellite radio, NextNav’s industry-leading technology is unique, unrivaled, and protected by more than 100 patents. I am excited about the positive impact NextNav’s 3D geolocation and timing capabilities can have in protecting the nation’s critical infrastructure while meeting the advanced 3D location needs of public safety and emerging markets and applications.”

Origins

NextNav will help people find their locations in skyscrapers.

Above: NextNav will assist individuals discover their places in skyscrapers.

Image Credit: Adobe, Courtesy of NextNav.

NextNav CEO Ganesh Pattabiraman stated in an interview with VentureBeat that he and cofounder Arun Raghupathy started exploring 3D GPS as an extension of their work on 2D GPS and indoor navigation. They began the company to ship higher data to first-responder providers like 911 so individuals could possibly be simply situated through their smartphones on the vertical axis.

“We thought that if we can give you urban navigation, then you could really, truly unlock a whole new class of applications, just like GPS did for the outdoors,” Pattabiraman stated. “And so that led to the genesis of NextNav.”

One of the issues that helped was that smartphone distributors started to incorporate barometric stress sensors in their smartphones, and NextNav was in a position to make use of that information to find out how excessive somebody is, because the air stress adjustments once you rise vertically. The company created its Pinnacle service to measure vertical location. But it additionally wanted to know your 2D place on a map as nicely, so the service might combine it with GPS data. For this objective, the company constructed out its TerraPoint 2D navigation service, which might pinpoint individuals on a 2D map. The mixture of Pinnacle and TerraPoint enabled the company to create a extra correct image of the place somebody was in the 3D area.

NextNav pinpoints where someone is in an Embassy Suites hotel.

Above: NextNav pinpoints the place somebody is in an Embassy Suites resort.

Image Credit: NextNav

“We define it as adding a [3D dimensional] layer to GPS, which is more precise and resilient,” Pattabiraman stated. “There is a definite need for a more resilient position navigation and timing solution in the marketplace. And that requires to augment the Pinnacle capability with the TerraPoint service.”

The key was having the best issues fall into place, because the cellular phone producers began placing a number of sensors in their units. NextNav can get its accuracy to inside three meters.

The U.S. Department of Transportation acknowledged the tech. NextNav’s underlying property embrace its international mental property portfolio of over 100 patents, a one-of-a-kind nationwide portfolio of licenses for two.4 billion MHz-PoPs of 900 MHz spectrum, and a deployed community stay in over 4,400 cities that covers over 90% of all buildings taller than three tales nationwide.

In suburban areas, peak isn’t a problem. But in large cities and different city areas, having the ground location might be extraordinarily vital, and roughly 84% of the U.S. inhabitants lives in city areas the place multistory buildings make up a lot of the panorama. In locations like midtown Manhattan, Chicago’s Loop, or San Francisco’s Financial District, there aren’t a complete lot of open, public areas. Inside buying malls, it isn’t straightforward to seek out somebody, as satellite tv for pc indicators don’t penetrate buildings.

“We will leverage the Pinnacle network to deliver the ‘z-axis’ capability and then with this TerraPoint service we will be augmenting it with more precise x-y or latitude and longitude and timing capabilities,” Pattabiraman stated.

Before the SPAC, the company had raised $300 million to this point, and it has about 80 workers.

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