Friday, June 27, 2008

Loctronix Raising $3.5M, Emerges From Stealth

Woodinville, Washington-based Loctronix said earlier this week that the firm is in the midst of completing a $3.5M Series B funding round, and has emerged from stealth mode. The firm said that it is developing "universal location sensing" technology for mobile applications. Details of the funding were not released, and the firm did not say how much of the $3.5M had already been committed, or by whom. Loctronix said it is developing technology which uses GPS, GLONASS, and other positioning signals to track people and assets both indoors and outdoors, with a focus on the location based services market. Loctronix also said it has named Norm Levy as the firm's Interim CEO; Levy is a consultant and CEO of Strategic Development Corporation. The firm also appointed Tom Farmer as its EVP of Business Development; Farmer joins from Freescale. More information »