Russian project Fairwaves has announced on its website that in August it joined US accelerator Techstars. According to Russian business publication RBC, Techstars has invested $118,000 in Fairwaves in exchange for a 6% stake.
The company previously received $80,000 investment from the Dutch fund NLnet, $260,000 from the New America Foundation Open Technology Institute, around $50,000 from the Russian Foundation for Assistance to Small Innovative Enterprises (FASIE) fund and $240,000 from business angel Sergey Gribov and a number of other investors.
Fairwaves uses open-source and IC technology to allow customers to start their own mobile network at low cost. Their technology could be used by both major networks, to roll out coverage to territories with low population density, and by small local operators in more inaccessible regions, or for creating mobile networks in deprived areas. The company was founded in January 2011 by CEO Alexander Chemeris and Chairman Sergey Portnoy.
Source: Firrma.ru
