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Skybitz Secures $16M in Funding

By | January 6, 2004

      Dulles, Va.-based SkyBitz has secured $16 million in funding to continue marketing efforts and product enhancements for its satellite-based asset tracking and information management service. This equity financing was co-led by Inverness Capital Partners and Motorola Ventures, the venture capital arm of Motorola [NYSE: MOT], with original investors AIG Highstar Capital and Cordova Ventures participating as well. To date, cumulative funding has reached $41 million.

      Motorola, in addition to its investment, has entered into a separate agreement with SkyBitz to develop new products that use the company’s Global Locating System (GLS) platform.

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