Additional Funds Accelerate Maptuit's FleetNav Product Enhancements to Market
Burlington, Mass. (August 24, 2004)
Maptuit Corporation, the leading provider of trucking, tracking and traffic services, today announced that it has added New York-based Eckford Group and Connecticut-based Horizon Technology Finance as new investors.
Maptuit will use the additional funding to support the development and delivery of new product enhancements to Maptuit's FleetNav™ Suite. These additions to Maptuit's FleetNav Suite will give trucking companies the tools they need to stay compliant with hours-of-service (HOS) regulations, as well as provide a routing solution for carriers of hazardous material (HAZMAT) that takes into consideration road restrictions for HAZMAT cargo.
"Maptuit has now invested tens of millions of dollars in developing the industry's only fully integrated and comprehensive real-time service for trucking, tracking and traffic," stated Jeff Papows, CEO of Maptuit. "We have the highest quality financial syndicate in the industry behind us, and a long list of industry leading customers in production. Maptuit is the only company that provides routing, directions and fuel under a single architecture. This integrated approach eliminates the operational disappointments that have been experienced when trying to cobble together various vendors' disparate products."
"After our exhaustive research of technology and service providers for the commercial transportation marketplace, Maptuit emerged as a leader," stated Albert Wenger, Partner, Eckford Group. "Their success with top carriers, their commitment to customer satisfaction and their ongoing investment in developing technology to meet the needs of the trucking industry, combine to make Maptuit the clear front-runner in delivering real-time routing, tracking and traffic solutions."
Eckford Group and Horizon Technology Finance have participated in Maptuit's new series B round of financing. They join Flagship Ventures, Edison Venture, and Draper Fisher Jurvetson as investors in Maptuit.
About Eckford Group
Eckford Group provides capital for technology-enabled business and information services companies through minority investments and control acquisitions. Eckford Group partners with management to create value through accelerated growth. For more information please visit www.eckfordgroup.com.
About Horizon Technology Finance LLC
Horizon Technology Finance LLC is an independent venture debt firm that provides senior and subordinated working capital loans, equipment loans, and equity to emerging technology companies in the life science, health care, information technology and software industries. Horizon provides a refreshing alternative to the restrictive structures offered by banks and corporate finance companies. For more information please visit our web site at www.horizontechfinance.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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