SALT LAKE CITY— STSN said it has secured $15 million in new financing that will support the companys expansion to leading hotel properties in North America, Europe and the Middle East. STSN investors, including APV Technology Partners, Siemens Project Ventures and lead investor VantagePoint Venture Partners provided the equity funding. The company also received an investment from Intel Communications Fund in December 2002 to contribute to the expansion of its WiFi network. STSN has been growing at a steady pace, having signed contracts with 70 hotel property owners in the last four months to provide high-speed Internet access to business travelers and meeting planners at more than 500 premier hotel properties in the United States, Canada and Western Europe. The company also continued to expand its wireless network reach, deploying WiFi “hot spots” or wireless access points to approximately 50% of its customer base in the last eight weeks. In addition, overall buy-rates for the STSN service have more than doubled in the last 12 months and the company has demonstrated steady revenue growth during the same period.
