Networks In Motion, the award-winning wireless navigation and location-based services (LBS) company, today announced the closing of a $10 million Series C round of financing led by Sutter Hill, which has financed technology-based startups and assisted entrepreneurs in building market-leading companies since 1964.
The new round was fully subscribed to by existing Networks In Motion investors Redpoint Ventures and Mission Ventures. Networks In Motion will apply the funds to the expansion of its research and development, as well as sales and marketing to extend its market reach.
Major U.S. telecommunications companies are using the Networks In Motion platform to launch their first location-based, real-time navigation services on a GPS-enabled cellular phone. The platform delivers heads-up, voice-prompted turn-by-turn directions with auto-rerouting if a turn is missed, as well as local search of nearly 14 million points of interest and detail color maps that can be quickly panned and zoomed.
"We are pleased to participate in Networks In Motion's most recent round of funding," said Jim White, managing director at Sutter Hill Ventures. "The breadth and depth of Networks In Motion's technology, its commitment to innovation and its management strength places the company at the forefront of the LBS market."
"This funding will give Networks In Motion the ability to capitalize on opportunities in the rapidly growing LBS market," said Doug Antone, president and CEO of Networks In Motion. "The funding demonstrates support for Network In Motion's ability to add customers and expand its product offerings."
About Sutter Hill Ventures
Sutter Hill Ventures is a venture capital firm that finances technology-based startup and early-stage companies pioneering products or services in growth markets, especially those in information technology and health care. Founded in 1964, it is one of Silicon Valley's original venture capital firms. Companies backed by Sutter Hill include: Netapp, Legato, Quantum, Storage Tek, Tellabs, Alteon, Linear Technology, NVIDIA, BroadVision, Vitria, Molecular Devices, Cor Therapeutics, Amylin Pharmaceuticals, Omincell and eLoyalty. (http://www.shv.com)
About Networks In Motion
Networks In Motion(TM) (NIM) is an award-winning wireless navigation and LBS company, with products that are built on a foundation of strategic patents, scalable and extensible server network, advanced mapping technology and integration with emerging wireless and positioning technologies. Founded in 2000, the company has headquarters in Irvine. More information is available at http://www.networksinmotion.com.