RootMetrics has landed an additional $1 million in financing, money that the company said it will use to continue developing an unbiased tracking of the performance of wireless networks in the U.S. The cash infusion comes about a month after Paul Griff stepped down as CEO, handing the reins over to former Starbucks executive Bill Moore.
“The current close, plus anticipated near-future closes, will fully fund our business and strategic plans for the foreseeable future,” Moore said in an email to GeekWire. According to Moore, the company may go out to raise an additional $4 million. The latest funding was provided by existing investors.
Through the company’s Android and iPhone apps, Root provides detailed analysis of the performance of wireless networks in various cities, using real-time feedback from mobile phone users to determine where networks are strong and weak. For example, users of the service can pinpoint specific neighborhoods where coverage is strong for T-Mobile, Sprint, AT&T and Verizon.
Like GroundTruth — in the news today because of its merger with Umber Systems — RootMetrics sells the data that it collects back to carriers.
RootMetrics has a high-profile set of advisors and investors, including Clearwire interim CEO John Stanton and former McCaw Cellular executive Scott Anderson. Advisors include Dave and Jamey Power of J.D. Power. Prior to the current round, it had raised $5 million.
“This new funding is a positive milestone and allows us to be aggressive as we continue developing an accurate, unbiased view of the mobile carriers’ performance from the consumer’s point of view,” Moore said.