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WirelessDevNet.com Press Release
Telcontar Secures A1 Funding Round of 6.6 Million
Telcontar, the leading supplier of software and related services for location-based services (LBS), today announced the close of its $6.6M A1 round of funding. The round was entirely funded by existing investors or members of the current management team, and was led by Cardinal Ventures. Telcontar will use the funds to continue expanding its share of the burgeoning location-based services market by implementing its Mobile Location Server™ initiative.
“The market for wireless applications and services that use location information has matured to the point where explosive growth is already underway, particularly in mature segments such as fleet tracking or mobile resource management. Furthermore, the continuing expansion of digital cell coverage, the evolution of handsets into powerful personal computing terminals and growing consumer awareness of the benefits of accessing location information in real-time has created a market environment ripe for new products and distribution channels. Telcontar is exploiting its existing leadership position in navigation and traffic technology to create new platform solutions targeting specific vertical markets. By reducing implementation risk, offering a solid long term growth path for the platform, and accelerating product development, Telcontar will improve its market share while increasing overall market growth,” said David Wood, Sr. VP Marketing for Telcontar. He added, “This round of funding provides the needed capitalization to ensure that we are able to meet our business goals for the foreseeable future.”
Said Eric Carlson, President and CEO of Telcontar, “This round of funding shows that our investors know we are the dominant choice for off-board navigation applications in the US. Our customers are delivering brand recognition for their compelling applications and generating revenue. The strong support of our investors demonstrates our position in the marketplace as well as the excellent overall prospects of mobile LBS markets such as Telematics, Mobile Resource Management and Wireless LBS consumer services.”
About Telcontar
Telcontar is a worldwide provider of the premier spatial software platform and services for LBS. Telcontar clients such as Yahoo!, Hutchison 3G, Criticom, Satronics, Rand McNally and ATX Technologies use its Televoke Universal Telematics Server, Drill Down Server, Rich Map Engine and Traffic Manager products to offer users asset or resource management, MSSC, real-time navigation and traffic, driving directions, roadside or emergency assistance and maps. Telcontar is privately held and headquartered in San Jose, California with field offices in San Francisco, Los Angeles, Houston, Detroit, Denver, Massachusetts and the United Kingdom. For more information, please visit http://www.telcontar.com
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