Company is a Pioneer in Navigation Systems for Transport Trucks and Location Based Services for the Telematics Industry
Burlington, Mass. April 22, 2003
Maptuit Corporation today announced that it raised an additional $2 million from Flagship Ventures to close on an $8 million round of 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 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. www.flagshipventures.com
About Maptuit Corporation
Founded in 1999, Maptuit Corporation provides trucking, tracking and traffic services for the transportation and consumer markets. With Maptuit's advanced web services and patented technology, companies benefit from the ability to easily look up addresses, create maps, perform proximity searches, generate optimized routes and provide directions. For more information please visit www.maptuit.com.
Media contact: Noreen Vincent, Maptuit Corporation, 781.685.4693
(Noreen.Vincent@maptuit.com)
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