The company plans to use the money to fund growth initiatives and improve its product: a Wi-Fi performance management system. 7signal’s hardware and software gathers Wi-Fi performance data from individual devices — laptops, cell phones, point-of-sale systems, etc. — to help organizations monitor their networks in real time.
7signal closed a $4 million Series B investment round in 2013.
The company recently moved to 6155 Rockside Road from Akron. Independence and Cuyahoga County offered the company slightly more in the way of incentives than it would have received from Akron and Summit County, but at the time 7signal CEO Tom Barrett said it made the move “to attract outstanding talent from both Akron and Cleveland.”
This story originally appeared on Crain’s Cleveland Business.