Skyhook Wireless, a Boston company seeking to become the first company to link GPS locations to Wifi hotspots nationwide to make it easier for advertisers to target mobile users, has gotten another $8.5 million in capital.
The four-year-old company has now raised $16.8 million. The financing, first reported by VentureWire (sub required), was led by RRE Ventures and included existing investors Bain Capital, Intel Capital and CommonAngels.
According to VentureWire:
Skyhook is creating a map to link GPS locations to Wi-Fi hotspots to improve efficiency for some location-based applications which use GPS for tracking, a technology that does not work well in densely populated or indoor areas. Skyhook, which has been mapping Wi-Fi networks in all of America’s most densely populated areas, has created a reference point that can help location-based applications orient themselves when GPS won’t work.
This lets advertisers serve customers with more geographically relevant information.
3 Comments
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Marie said:
Wouahh they must have a Huuuuuuuuuuge burn rate to already need (after just less than 5 months) another round of fundings…
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Kipp said:
5 months? Not sure where that came from, I believe the last round was in December of 2005…
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