Virginia, US: Frontier Capital, a Charlotte-based private-equity fund, has invested USD 15 million in iMapData Inc. iMapData is a decision-support company that analyses various data for government agencies and large commercial companies. Its technology utilises more than 1,000 metrics — such as geospatial readings, industry statistics and social-media information — that may influence a business’ decisions.
Frontier said that USD 15 million will provide liquidity and growth capital for the technology company. “Our partnership with Frontier enables iMapData to expand its offerings, which combine the best data with leading technology,” iMapData President and Chief Executive Larry DeFranco said in a company statement.
The firm will still be led by founders Larry DeFranco, Diane DeFranco and Bill Lilley.
“We’re excited to partner with Larry, Diane and Bill to expand upon the success that iMapData has experienced in enabling its customers to carry out mission-critical tasks,” said Frontier Managing Partner Andrew Lindner.
This is Frontier’s fourth investment from its third fund, which ended the fundraising phase earlier in June after surpassing its USD 200 million goal.
Source: Biz Journals