Skybitz Secures $16M in Funding
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.