Goldman Sachs invests $30M in Valhalla wireless company
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- April
- 27
Privately held Arcadian Networks Inc. announced today that investment-banking firm Goldman Sachs has invested $30 million in the wireless telecommunications company, raising the amount of capital its has secured in the past year to $90 million.
The Valhalla-based wireless telecommunications carrier, which employs 25 workers, is using the funds to build a network to enable wireless communications in rural parts of the United States.
The 1-year-old company is building the “mission-critical� network, which allows organizations to communicate over a 700 megahertz frequency, in 23 states in the South, Midwest and West, as well as the Gulf of Mexico, where it has been granted a license by Federal Communications Commission.
The network allows electric, gas, oil and coal producers to augment or replace current communications systems with broadband and wireless communications systems, among other technologies.
Such a network would have allowed, for example, ConEd to better ascertain the extent of electrical outages in New York City last July when the utility company had to go door-to-door to find out which homes and businesses were affected.
Had a system been in place in Queens, said Arcadian spokesman Joseph Zarb, automated meter readers would have been to communicate with a central office, detailing which locations were affected.
This entry was posted
on Friday, April 27th, 2007 at 4:06 pm by David Schepp.
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