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European Market Leader
Jentro Technologies secures Funding from Major US Investors
June 22, 2007
MUNICH, Germany--
Jentro Technologies GmbH, the innovation and market leader in GPS-based location based experience, announced today that it
has raised funding from New Enterprise Associates (NEA) and Glynn Capital. The volume of the transaction is $ 29m.
The financing will be used to further accelerate the company’s rapid growth including support of its aggressive market
entry in North America and Asia, increased sales and marketing efforts in home markets, and further R&D investments in
collaboration with its technology partners, including Motorola and other key players in the industry. Ravi Viswanathan and
Paul Hsiao, NEA Partners, will join the Jentro board of directors.
“We chose NEA and Glynn Capital as our
partners, as they are world class firms with global leverage and expertise as well as significant interest in location based
experience,” said Hans-Hendrik Puvogel, CEO, Jentro Technologies.
Network operators, phone manufacturers
and Internet companies see location-based experience (LBE) on connected mobile devices as a huge opportunity to create added
value. As a white label vendor, Jentro has been developing and operating solutions for strong consumer brands in Europe and
North America. The company enables its customers to offer real-time Internet services, local search, social networking and
user generated content with voice guided 3-D mobile navigation on mass market phones and connected PNDs.
Nicolas
von Stackelberg of Sal. Oppenheim considers, “Jentro the innovation leader in off-board navigation on mass market mobile
phones. The company has a convincing strategy on location based experiences that really matter to consumers. We expect these
to translate into attractive new business models bringing together mobile operators, content owners and advertisers around
Jentro's core navigation capability and technology platform.”
“Jentro’s leadership position
in Europe and its end-to-end expertise in navigation and other location-based content for the mobile Internet were among the
many reasons we decided to lead this investment,” said Viswanathan. “The market is at a perfect inflection point.
It is clear that Jentro has the technology and management expertise necessary to deliver an unparalleled solution.”
About Jentro
Jentro is the European market leader in location-based mobile software and services based
on GPS. It is a white label supplier of location based experience (LBE) and navigation solutions for the mass market as well
as LBE server platforms, which are operated under and on behalf of third party brands. Jentro serves more than 650,000 users
in key European markets and has recently started its North American operations. The company was founded in 2003, is privately
owned and based in Munich, Germany - with further offices in Chicago, London, Paris and Shenzhen.
Source: LBSZONE.COM
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