LBS market recovering: MSLocation gets more financing

1 Jun 2002 at 13:31 GMT Timo Poropudas

Lappeenranta, Finland-based MSLocation Oy, systems and services provider, has completed the second funding round. The privately held company does not disclose the amount of capital it received.

MSLocation will leverage the investment to strengthen sales and marketing activities. Company has proved the potential of the products in the market by closing several contracts for delivering location based systems and applications.

"Location based services, especially in the field of mobile solutions, have recovered during Spring 2002. MSLocation’s product development has been well timed. This financing round reflects 3i’s continuous commitment and belief in the MS Location’s technology and possibilities for success”, comments Jarkko Virtanen, Investment Director, 3i Finland.

The round was led by the first round investor SFK 99 Fund Ky, managed by 3i Finland Oy. Beside SFK 99 Fund and Forifina Oy, Innofinance Oy joined in as third venture capital company to invest in MSLocation.

MSLocation specializes in technology solutions for Mobile Location Services (MLS). MSLocation performed the world's first integrated GPS-location/GSM-communication land service test in June 1994. MSLocation's MSL Nexus Location Platform is a multi-method location system that does not require any changes to existing wireless networks while also supporting network-based positioning and a variety of mobile terminals. The company has also developed a number of applications, including the RoadTrack and MobiNex mobile station tracking systems for resource and asset tracking and SecTrack, a web-based location monitoring application.