Networks In Motion Closes $10 Million Series C Round
March 31, 2006 By: GPS World Staff LBS InsiderIRVINE, CA – Networks In Motion, Inc. announced the closing of a $10 million Series C round of financing led by Sutter Hill Ventures, which has financed technology-based start-ups 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 increase R&D, as well as to expand sales and marketing of its consumer and business applications, including Atlas Map, Atlas Track, and Map Messenger.
Verizon’s VZ Navigator service uses the Networks In Motion’s server-based geospatial platform. The NIM platform delivers voice-prompted, turn-by-turn directions with auto-rerouting if a turn is missed. The application can search nearly 14 million points of interest and displays detailed color maps that can be quickly panned and zoomed.
NIM has plenty of competition in phone-based navigation system. TeleNav (which recently received $30 million in new funding) provides a similar solution on Nextel phones. Tom-Tom and Webraska, already on smart phones in Europe, are planning U.S. products. Rand-McNally and InfoSpace have just introduced applications that include driving directions and yellow page information (see other articles in this issue).
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