Sequoia Capital invests Rs 30 cr in SatNav Tech

Written by Corporate Bureau | Hyderabad, Jun 12 | Updated: Jun 13 2008, 05:35am hrs
Hyderabad-based IT products company SatNav Technologies has recently attracted investment of $7 million (approximately Rs 29.96 crore) from one of the leading venture capital players Sequoia Capital. The investment will be used to enhance the product portfolio of SatNav besides boost the depth of the companys map content which is the backbone of all its products.

Speaking at a press conference here on Thursday, Amit Prasad, founder and managing director of SatNav said, SatGuide is a famous navigation solution. It is today available on Windows OS mobiles, PDAs, PNDs (personal navigation devices), laptop and desktop and on Non-Windows OS phones. We want to launch the navigation solution on other platforms like Symbian, Linux, Palm, Blackberry etc. Also we are working on different modes of delivery like GPS, GSM, CDMA and GPRS, he said. This investment from Sequoia should see the company through for the next 12-18 months. If there is any further need, the VC firm is committed to infuse more funds, he added.

He said, SatGuide will continue to lead in India and will increase the points of interests (POIs) and area of map coverage significantly. The POI categories related to navigation will be increased to 44 including missing roads, flyovers, one ways, gap in medians on surface roads and under the flyovers. It will also increase the number of cities to over 72 by the end of the year.