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Maptuit Secures $8 million in Series C Financing
Burlington, MA (April 22, 2003). Maptuit Corporation today announced that it raised an additional $2 million from Flagship Ventures to close on an $8 million Series C financing led by Edison Venture Fund. Draper Fisher Jurvetson New England also participated in the round.
Maptuit's premier service, called Maptuit® FleetNav™, provides on-demand truck-to-door directions to operators of heavy trucks. FleetNav has been licensed to dozens of fleets that include over 30,000 trucks. Its unique service has attracted industry leading customers like Crete Carrier Corporation and strategic distributors like QUALCOMM Incorporated and Cancom Tracking.
"Accurate directions, which were previously a challenge at a street-level, will reduce the frustration of our drivers and potentially save time and money through reduction of out-of-route miles," said Lee Hoffman, Vice President, Operations, Crete Carrier Corporation and Maptuit customer. "Maptuit's partnership with QUALCOMM has enhanced the quality and distribution of the solutions FleetNav provides."
"Maptuit's ability to deliver a quick return on investment for trucking companies is essential in the current economic climate. Our products are extremely well received in the market and our reseller relationship with QUALCOMM is enabling us to scale our business more quickly," said Jeff Papows, CEO, Maptuit. "Our strategic relationship with Flagship will allow us to accelerate our growth in the market and provide us with capital to continue to enhance our service offering."
"We are excited about our investment in Maptuit and look forward to working with the company and support them through this period of rapid growth. They have a very targeted market, an innovative product that works, and a distribution network that is already a proven success," said David Flaschen, Managing Director of Flagship Ventures who will also join Maptuit's Board of Directors.
About Maptuit Corporation
Maptuit supplies transportation solutions that reduce the operating expenses of trucking companies by calculating truck-friendly routes, optimizing for miles driven, toll costs incurred, and driver time. Built around the industry's most sophisticated model of the North American road network, Maptuit supplies the infrastructure needed to find addresses, calculate efficient consumer or truck-friendly routes, and to determine the optimal way to assign and deploy resources. Maptuit is also a supplier of location-based and GIS services to the Telematics industry and has patents pending for its long-distance routing and alternate route generation technology. Maptuit has offices in Burlington, MA, Denver, CO, and Toronto, ON. www.maptuit.com
About Flagship Ventures
Founded in 1999, Flagship Ventures is an entrepreneurship and venture capital firm comprising a family of funds: OneLiberty Funds, AGTC Funds and NewcoGen Group. Flagship currently invests from $400 million in funds raised in 2000, and manages a total pool of committed capital approaching $600 million. The Flagship Ventures team consists of 31 professionals focused on creating, financing, and building companies in the life science, information technology and communications sectors.
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