IRVINE, Calif.-Mobile software developer Networks in Motion has locked up $5 million in Series B funding from Redpoint Ventures and Mission Ventures, the company announced Wednesday.
A producer of software for mobile workforce management and location-based services, Networks in Motion said it will use the new capital to expand its mobile workforce and LBS offerings, which include AtlasBook and the enterprise-targeted AtlasTrack. The 4-year-old company said it would continue to work with the investment firms for funding as well as to help provide direction.
“When global postioning system technology was added to cellular phones, we saw an opportunity for services to suit those on the go, such as turn-by-turn voice-prompted navigation, GPS maps and tools to get directions,” said Stephen Petilli, chairman and chief executive officer of Networks in Motion. Petilli noted a report from market research firm IDC that predicted the market for mobile software will exceed $1.6 billion before 2006.
