Rx Networks Inc. announced today the closing of a $1.85 Million financing from its existing investors. BC Discovery Fund (VCC), Audiovox Canada and TELUS are making the second round investment as part of a larger $3 million series due to close on March 31, 2009.
"Assisted-GPS is the underlying technology accelerating the availability of location-aware mobile products and services," said Guylain Roy-MacHabee, President and CEO of Rx Networks. "This funding enables us to support the integration and licensing of our innovative assisted-GPS performance acceleration solutions with a growing list of industry-leading GPS chipset and device manufacturers."
"Rx Networks has exceeded our expectations with respect to sales and deployment of its proprietary A-GPS solutions," said Charles Cook of BC Discovery Fund, a director of Rx Networks. "With the increasing penetration of Smartphones and other network-enabled GPS devices hastening the deployment of location based services, the existing investors support the acceleration of the Company's technology roadmap with this investment."
Rx Networks is a private, venture funded mobile positioning technology and global services company.
TELUS Ventures is the strategic venture investment arm of TELUS, a leading North American telecommunications firm. We partner with high potential,... [more]
Rx Networks is a mobile positioning technology and global services company. Our GPStream framework of GPS assistance solutions, from advanced... [more]
British Columbia Discovery Fund (VCC) Inc. ("BC Discovery Fund," "BCDF" or the "Fund") is a diversified venture capital investment fund which... [more]
Rob Lewis
Rob is the President of Techvibes Media Inc. and Editor-in-Chief of Techvibes.com.
His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University.
When not blogging on...[more]
