FRAMINGHAM, Mass.-Location-based services developer uLocate Communications Inc. secured $4.5 million in a second round of financing, the company announced Tuesday.
Kodiak Venture Partners led the funding round for the year-old company, and existing seed investor GrandBanks Capital also participated. In conjunction with the financing, Kodiak General Partner Chris Greendale joined uLocate’s board of directors.
ULocate integrates global positioning system-enabled phone technology with the Internet to provide a number of LBS applications for both enterprise and personal use. Company co-founder Alan Phillips said uLocate will use the capital to expand current operations and develop new applications.
“This new funding round validates our strategy and demonstrates the confidence the investor community has in the wireless LBS space,” Phillips said. “We’ll use the funds to accelerate sales, expand our operational infrastructure to meet increased demand for our services, and extend our leadership position with further service enhancements.”
