High-speed Internet access company STSN has raised $46.5 million in its fourth round of funding. Siemens and On Command led the round, with previous investors Marriott International, Intel, Vantage Point Venture Partners, APV Technology Partners and ThomVest Holdings joining in. A representative from Siemens will join STSN's board of directors.
STSN, based in Salt Lake City, has raised a total of $156.5 million, and its valuation has dropped slightly from the previous round, Chief Executive Will West said. West added, though, that considering the market's steep decline, he is pleased with the valuation his company received. STSN's service targets the hotel industry and allows customers to use an Ethernet or USB connection without changing their computer settings to get a high-speed connection.
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