Novatel Wireless Gets Strategic Investment

San Diego-based Novatel Wireless reported late Monday that it has received a strategic investment from HC2 Holdings. According to publicly traded Novatel, HC2 will invest up to $23.7M in the company, with an initial cash investments of approximately $14.4M. The deal gives HC2 an ownership stake of approximately 17% of the company. As part of the investment, HC2 is expected to add two representatives to NOvatel's board of directors. Novatel is a developer of wireless modules, including the opular Mi-Fi portable WI-Fi hotspot.