Federated Wireless, a US-based developer of phone spectrum management technology based on research at Virginia Tech, closed a $42m series B round today co-led by Singapore’s sovereign wealth fund GIC.

GIC co-led the round with telecoms firm Charter Communications, wireless and broadcast communications infrastructure operator American Tower and telecoms equipment manufacturer Arris International.

Commercialisation firm Allied Minds and Woodford Investment Management, which holds a stake in Allied Minds, also participated in the round. The spinout was valued at $79.5m pre-money and $121.5m post-money.

Federated Wireless, set up in 2012 by Allied Minds, is working on shared spectrum technology that enables commercial carriers and governments to securely use the same 3.5GHz telecoms band without impacting quality of service.

The approach makes it possible for carriers to launch additional services, while enabling new providers to enter the mobile phone market without the need to own spectrum directly. It can also be used to make existing 4G networks more stable.

The spinout launched its first device today to enable pilot field trials, though it is not expected to gain US regulatory approval for full commercial deployment until the first quarter of next year.

The strategic investment from corporates and the Singapore government in the series B round will allow Federated Wireless to accelerate business growth. The cash will specifically go towards sales and marketing, customer support and deployment services.

Federated Wireless previously raised $22m in a series A round led by Woodford Investment Management in February 2016, with participation from Allied Minds.

Allied Minds had earlier provided $5m in series A capital in 2014, though it is not clear if that amount was included in the 2016 close.

Bryan Yeo, chief investment officer for public equities at GIC, said:  “We are pleased to invest in Federated Wireless with its enabling technologies to act as a neutral allocator of spectrum.

“We are confident in the long-term potential of dynamic sharing at 3.5GHz, and possibly other spectrum bands, leading to a more efficient utilisation of scarce spectrum resources, better indoor coverage, more innovative services based on private LTE networks, as well as the provision of wireless broadband access by a greater number of players.”

– A version of this article first appeared on our sister site Global University Venturing.