SkyBitz Secures Investment, Teams With Motorola

Asset tracking provider Skybitz Inc., Dulles, Va., has a commitment for $16 million in equity financing

from a group including Inverness Capital Partners and Motorola Ventures, the venture capital arm of Motorola Inc.
Along with commitments from original investors AIG Highstar Capital and Cordova Ventures, SkyBitz' funding has reached $41 million.
In a separate agreement with Motorola Inc., SkyBitz and the electronics giant will jointly develop new products that use SkyBitz’s patented Global Locating System platform. The SkyBitz Network Operations Center will provide the network infrastructure for all future Motorola implementations of GLS.
"This new round of funding, as well as the commercial agreement with Motorola, sends a clear message to the industry and customers: SkyBitz is here for the long haul," said Andy Wood, CEO, SkyBitz.
Using SkyBitz's technology, “Motorola will be able to offer its customers new satellite-based products and services that are smaller, faster and have extended battery life," said Warren Holtsberg, general manager and corporate vice president of Motorola Ventures.
For more information, visit www.skybitz.com.