TerraGo closes $5.5 mn financing to support location market

TerraGo closes $5.5 mn financing to support location market

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US: TerraGo has announced the successful completion of $5.5 million in financing to drive corporate growth and expedite product innovation strategies.

This financing comes on the heels of TerraGo’s strong 2012 performance, marked by increased product adoption, customer growth, international and commercial market expansion, significant investment in product research and development, and the successful acquisition and integration of fellow In-Q-Tel company Geosemble.

“The early success of TerraGo’s next-generation solutions, including 3D, mobile and systems for on-demand geospatial intelligence, are a testament to the strength of the location intelligence market opportunity,” said TerraGo President and CEO Rick Cobb. “This financing further demonstrates Terrago’s commitment to its customer base, and provides for rapid market expansion and the pursuit of new opportunities as the demand for technologies that exploit geospatial intelligence continues to grow.”

“We remain impressed by TerraGo’s track record of product innovation and strategic vision,” said Jonathan Perl, Managing Partner of Observatory Capital. “We are confident TerraGo is well-positioned to grow and extend its widely adopted geospatial collaboration solutions into new vertical and international markets.”

Participating in the round were current investors RedShift Ventures, CNF Investments and Observatory Capital, in addition to several new investors.

With a strategic group of partners, including leading systems integrators and software providers, and more than 1,000 global customers, including thought-leaders in defense and intelligence, crisis response, transportation and natural resources, TerraGo solutions enable organizations to discover, integrate and deliver location intelligence to the edge of the enterprise and back.

Source: PR Web