uLocate Secures $11 Million in Growth Capital Investment
Written by uLocate Communications, Inc
Thursday, 17 May 2007
Investment Funds the Aggressive Pursuit of Location Based Services Market with WHERE, a Ground Breaking GPS-enabled Mobile Application Platform
Framingham, MA-May 16, 2007-uLocate Communications, Inc., an award-winning publisher of location-enabled mobile applications, today announced the close of an oversubscribed investment round of $11 million. Poised at the leading edge of the LBS mobile application market, uLocate will use the capital to fuel the continued development and marketing of the WHERE platform. International venture capital firm Venrock led the round, with additional participation from returning investors GrandBanks Capital and Kodiak Venture Partners. Venrock's General Partner, Mike Tyrrell, also joined uLocate's Board of Directors.
"The use of location aware and location enabled services is absolutely exploding," said Mike Tyrrell. "uLocate's WHERE platform enables content and application companies to easily develop and quickly deploy mobile applications. WHERE also simplifies the discovery of content, enabling consumers to select from a wide variety of such apps via the Web or their handset. WHERE removes an incredible amount of friction for all three constituencies; developer, operator, and consumer....everybody wins."
WHERE is the first application development platform that addresses the major challenges facing developers and operators in the mobile application landscape. Built on the same framework that powers MapQuest FindMe and Helio's Buddy Beacon, WHERE delivers the promise of marrying mobile technology with GPS. As a result, consumers have a wealth of content to choose from, effectively personalizing their mobile GPS experience. WHERE helps you find the people, places and things that matter to you.
"End user spending on mobile consumer data services in 2007 will grow to $13 billion in North America. Spending on consumer location-based services in North America is expected to increase by 160% this year as GPS-enabled mobile phones become more prevalent," said Phil Taylor, Director of the Wireless Media Strategies Service for Strategy Analytics. "Companies poised to lead this market explosion are those able to leverage location content with an easy application model for both consumers and carriers."
"We're delighted to have Mike join our Board and assist us in our pursuit of delighting consumers around the world," said Walt Doyle, CEO and President of uLocate. "Our mission with WHERE is simple. We make it easy for developers to create and deliver great content to the handset. In turn, consumers can personalize their mobile GPS experience through a breadth of content that is relevant to where they are at any given time."
About Venrock
Venrock is a premier venture capital firm with offices in Menlo Park, New York, Cambridge, MA, and Israel. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a seven-decade tradition of partnering with entrepreneurs to establish successful, enduring companies. Having invested $1.9 billion in 400 companies resulting in over 120 IPOs over the past 38 years, Venrock's investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. With a primary focus on technology, healthcare, and energy, portfolio companies have included Apple Computer, Centocor, Check Point Software, DoubleClick, Gilead Sciences, Idec Pharmaceuticals, Illumina, Intel, Millennium Pharmaceuticals, Sirna Therapeutics, and StrataCom.
About GrandBanks Capital
GrandBanks Capital invests in early stage companies located primarily in the eastern part of the United States and Canada. With headquarters outside of Boston, the firm was established in partnership with SOFTBANK Corp and has proven investment expertise in Internet infrastructure, software, security and storage applications, media and wireless technologies and services, and financial services. The GrandBanks Capital portfolio currently includes: Colubris Networks Inc., Coradiant Inc.,, Ember Corporation, Enpocket Inc., First Coverage Inc., GlassHouse Technologies, Inc., Incipient, Inc., OutStart, Inc., uLocate Communications, Inc., and Vivox, Inc. For more information, please visit www.grandbankscapital.com.
About Kodiak Venture Partners
Kodiak Venture Partners is a Waltham, Mass.-based venture capital firm focused on seed and early stage investments in emerging communications/wireless, semiconductor/equipment, software/services and Internet/new media companies. With a focus in the eastern regions of the U.S. and Canada, Kodiak establishes relationships with entrepreneurs seeking market success. Kodiak's investment partners are successful high-technology business entrepreneurs who take a hands-on approach to building market leaders. For more information, visit www.kodiakvp.com.
About uLocate
uLocate Communications, Inc. (www.ulocate.com) is a privately held, venture-backed leader in consumer location-based services headquartered in Framingham, Mass. uLocate powers consumer location based services (LBS) applications for partners including MapQuest, Helio Buddy Beacon,Track-em, Global Pet Finder and offers direct to consumer LBS under its own brands including WHERE. Dozens of widgets built through the WHERE Developer Program are publicly available. For more information on WHERE, visit www.where.com.
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