uLocate Communications Inc, a leading developer of wireless Location-Based Services (LBS) targeted at consumer and small business markets, has secured $4.5 million in a second round of financing. Kodiak Venture Partners led the round with participation from existing seed investor GrandBanks Capital. In conjunction with the funding, Chris Greendale, General Partner at Kodiak Venture Partners, joined uLocate’s Board of Directors.
uLocate Communications develops wireless services that deliver dynamic, personalized location driven information to subscribers via secure web connections or directly to their cell phones. The company’s initial service offering enables subscribers to locate family members and employees, review routes, receive speed and mileage metrics, and be notified when individuals arrive and depart from specified locations.
“This new funding round validates our strategy and demonstrates the confidence the investor community has in the wireless LBS space. We’ll use the funds to accelerate sales, expand our operational infrastructure to meet increased demand for our services, and extend our leadership position with further service enhancements,” said Alan Phillips, uLocate co-founder.
uLocate has enjoyed significant successes since it initially launched its service in October 2004. The company has established key partnerships with companies including Trackem, a Canadian firm that provides fleet management services to small and medium sized businesses, and Teen Arrive Alive, a innovative new company that is promoting safe driving habits in teens. The software’s technical excellence was recognized with an LBS Wireless Challenge Award at the CTIA show in Atlanta last spring. The Company continues to enhance its technology in support of a growing list of private label clients serving the consumer and small business markets.
“uLocate tapped into an emerging and fast moving market and got a leg up on the competition, which has given the company tremendous momentum,” said Chris Greendale. “With uLocate, we see the potential for LBS marketing opportunities that open up a whole new generation of applications and revenue possibilities.”
About uLocate Communications, Inc.
uLocate Communications, Inc. (www.ulocate.com) is an application and technology service provider of wireless location-based services. Headquartered in Framingham, Mass., uLocate integrates GPS enabled cell phone technology with the convenience of the Internet to provide a variety of LBS services for both enterprise applications and personal use.
About Kodiak Ventures
Kodiak Venture Partners (www.kodiakvp.com) is a Waltham, Mass.-based venture capital firm focused on seed and early stage investments in emerging communications/IT, semiconductor and software companies. With a focus in the eastern regions of the U.S. and Canada, Kodiak Venture Partners builds relationships with entrepreneurs seeking accelerated market success. Kodiak’s investment partners are successful high-technology business entrepreneurs who take a high-impact, hands-on approach to forming, operating, building and funding market leaders.
About GrandBanks Capital
GrandBanks Capital (GBC) (www.grandbankscapital.com) is a venture capital firm established in partnership with SOFTBANK and Mobius Venture Capital (SOFTBANK Venture Capital). GrandBanks focuses on making early stage technology investments, primarily in the eastern part of the United States, in companies operating principally in the areas of Internet infrastructure, software and software services, security and storage applications, media technologies and services, financial technologies and services, and wireless technologies and services. With headquarters outside Boston and an office in New York City, GBC possesses extensive experience and expertise in information technology, Internet and communications, media and financial services, and semiconductor technologies, having funded and managed many leading and successful companies. Our portfolio includes Colubris Networks, Coradiant, Inc., CXO Systems, Inc., Ember Corporation, Enpocket, Inc., Glasshouse Technologies, Inc., OutStart, Inc. and, uLocate Communications.
