PMR/LMR accessory manufacturer OTTO acquires a minority stake in MULTIVOICE
MULTIVOICE yesterday announced it has received a $5.0 million round of strategic seed funding from OTTO Engineering.
Chicago-based OTTO is one of the leading designers and manufacturers of radio accessories for military, public safety and industrial use. For its investment as a strategic partner, OTTO has acquired a minority stake in MULTIVOICE at a post-money valuation of $25 million and will lead the integration of MULTIVOICE's new wireless communications platform into the two-way radio market. MULTIVOICE has also raised $750,000 in "friends and family" and angel funding.
"As a leader in the design and manufacture of critical communications accessories, OTTO has been searching for a cutting-edge solution for local team-talk or 'wireless intercom,' said Tom Schreiber, General Manager of OTTO. "When we saw the advancements MULTIVOICE had made that bring new capabilities to the wireless industry, we knew we wanted to do everything we could to support their efforts. We're very pleased to now be a part of Team MULTIVOICE and to help take MULTIVOICE's technology throughout the world."
MULTIVOICE expects to use the proceeds from this strategic seed round for research and development efforts, expanded sales and marketing programs, and general operations.
MULTIVOICE Overview and Background
Ron Fraser formed MULTIVOICE over three years ago after a 30-year career supporting and developing specialized radio solutions for Texas Instruments, TRW, the U.S. Naval Research Laboratory, the Titan Missile program, 3M, Porta Phone and several Silicon Valley start-ups.
While working in "stealth mode" in the engineering workshop in the basement of his Utah County home, Fraser's goal was simple yet complex: to augment and go beyond the technical limitations of traditional Push-to-Talk (PTT) handheld mobile radios to facilitate safer and more effective wireless communication among team members in
- Industrial/Manufacturing settings,
- Coaching Staffs (during training or on game day),
- Public Safety professions, and
- The Military.
More about the founder of MULTIVOICE, Ron Fraser
