Telcontar is achieving its business plan goals and delivering results in the navigation, traffic and aftermarket telematics market segments
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 roun
d 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.”
NOTES TO EDITORS
Telcontar is a worldwide provider of the premier spatial software platform. Telcontar clients such as Yahoo!, Hutchison 3G, Criticom, Satronics, Rand McNally Inc. and ATX Technologies use its Televoke Universal Telematics Server, Drill Down Server, Rich Map Engine and Traffic Manager products to offer end users asset or resource management, mobile safety, security and convenience, real time navigation and traffic, driving directions, roadside or emergency assistance and maps.
In March 2003 Telcontar's Traffic Manager, which is used by Hutchison 3G, received a Frost & Sullivan Market Engineering Award for Innovative Software Solution in the LBS space. This award is made to only one company per year, and is a result of over 400 hours of research by a Frost & Sullivan analyst.
Telcontar is privately held and headquartered in San Jose, California with field offices in San Francisco, Los Angeles, Houston and the United Kingdom.
TRADEMARKS: Telcontar, Televoke Universal Telematics Server, Mobile Location Server, Traffic Manager, Rich Map Engine Software Libraries and Drill Down Server are trademarks or registered trademarks of Telcontar. All other product or company names are trademarks or registered trademarks of their respective holders.
For more information visit: www.telcontar.com or call:
Tel: + 44 1582 635015
Andreina West/Mary Phillips
PR Artistry Ltd
Tel: +44 1491 636191
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