SkyBitz, a start-up based in Dulles, Virginia, secured $16 million in a Series C round for its satellite-based asset tracking and information management service. SkyBitz’s Global Locating System (GLS) gives customers the ability to track powered and un-powered assets by utilizing a unique wireless satellite technology and centralized position calculations. The platform is designed to provide asset visibility within a global supply chain. For each asset to be tracked, a compact “GLS mobile communicator” featuring a multiyear battery life is used. The company claims its system is more cost-effective and outperforms GPS-based tracking systems.
The funding was co-led by Inverness Capital Partners and Motorola Ventures, with original investors AIG Highstar Capital and Cordova Ventures participating as well. SkyBitz has raised $41 million to date.