Funding Updates : SatNav Technologies Get 7 Million From Sequoia Capital
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Recently, the news of SatNav getting funding from Sequoia hit the headlines. Sat Nav technologies has already been a major player of Map based GPS systems in India. Now that they got a funding of 7 million dollars, they can sit back and claim to bee the biggest providers of GPS service to the Indian consumers (of course, there is MapMyIndia). The investment will be used to enhance the product portfolio of SatNav, besides boosting the depth of the company’s map content, which is the backbone of all of its products.
At a press conference in Hyderabad, on Sunday, founder Amit Prasad said, “We want to launch the navigation solution on other platforms like Symbian, Linux, Palm, Blackberry etc. Also we are working on different modes of delivery like GPS, GSM, CDMA and GPRS”. This investment from Sequoia should see the company through for the next 12-18 months (this is what Mr. founder expects). If there is any further need, the VC firm is committed to infuse more funds, he has added, showing his belief in the Venture Capital firm. Their premier product, Sat Guide, is available on Windows OS mobiles, PDAs, PNDs (personal navigation devices), laptops, desktops and also on Non-Windows OS phones.
More Funding comes up with better services. Prasad said, “SatGuide will continue to lead in India and will increase the points of interests (POIs) and area of map coverage significantly. The POI categories related to navigation will be increased to 44, including missing roads, flyovers, one ways, gap in medians on surface roads and under the flyovers. It will also increase the number of cities to over 72 by the end of the year.”
Some people might still be wondering that 7 Million, which translates to 29 Crores, how is the map providers service going to be of any relevance? If you ask me, this is one of the most interesting investments considering that collaborating such a service with Local Search Engines could be a revolutionary service in the metros. This means, apart from selling the software, they could also have a prosperous revenue model in earning handsome amounts form local Ads.
Looks like Sequoia wants to keep its record of Financing Breakthrough products and services, like Google & Paypal, intact!!
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