Funds managed by affiliates of global investment manager Fortress Investment Group LLC led a $120 million funding round for U.S. geolocation services provider NextNav LLC.

NextNav's existing investors, including Columbia Capital LP, Telcom Ventures LLC, funds managed by Goldman Sachs Asset Management LP, New Enterprise Associates Inc., Oak Investment Partners and Future Fund, also participated in the funding round.

The company will use the new debt and equity financing for the phased rollout of its Metropolitan Beacon System, a geolocation platform that can serve as a backup to GPS systems in critical infrastructure, autonomous systems, and mobile and internet of things devices. The platform will be launched in major U.S. urban markets.

NextNav tapped PJT Partners LP as financial adviser and placement agent on the financing, with Hogan Lovells providing legal advice in connection with the financing.