Magnolia Broadband acquired US $3 million funding that will be utilized to further expansion of its AAS technology for tablets, smartphones, Wi-Fi access points and 3G/4G based stations. The financial support will come from both individual and institutional investors with SCP Partners at the forefront.

"With global mobile data traffic forecasted to increase 26-fold over the next 5 years driven by video and multi-media data traffic, Magnolia Broadband's solutions provide enhanced real time HD video and multimedia experiences which will broaden the range of applications and services that can be shared, creating a highly enhanced mobile broadband experience." Osmo Hautanen, CEO of Magnolia Broadband, said in a statement.

 "SCP Partners has been an outstanding supporter of Magnolia Broadband since its inception," Hautanen added.

"With this additional capital, Magnolia Broadband will further solidify its leadership position by expanding its patent portfolio and advance licensing efforts with wireless network operators around the globe," he said.

In 2012, Google acquired 50% of Magnolia Broadband's patents. This move only shows just how much the search engine giant values Magnolia Broaadband's technologies.