GeoSentric Secures Additional $13 Million Financing From New And Existing Investors

10/09/2007 - 17:32

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GeoSentric Oyi, the world's leading developer of geo-social
networking technology, today announced that it has secured $13.1
million (USD) in an oversubscribed round led by Horizon Group and
Schroders Private Bank. GeoSentric will use the funds to expand its
marketing and sales presence into selected global geographies, along
with R&D that will develop and accelerate the company's product road
map.

Led by former senior executives from Netscape, Oracle and AOL/Time
Warner, GeoSentric develops high value solutions that deliver unique
geo-based consumer and business applications that integrate a mobile
user's world with their desktop, digital television and PND devices.

"This round of funding is a tremendous vote of confidence in our
strategy, technology, intellectual property and team," commented Dan
Harple, Executive Chairman of GeoSentric. "It signals our intent to
become the leading global platform for the convergence of search,
location and personal content as a new form of geo-social networking;
connecting people with people, with the places they frequent."

"Our original target was to raise $5.5 million but, given the
considerable investor interest that GeoSentric is attracting together
with the potential size of the market, meant that we were compelled to
increase the size of the round," added Harple.

GeoSentric's flagship product is the GyPSii platform, which uses
pioneering geo-location software technology to connect people to
people, and people to places with new and exciting social community
and location-specific services.

Leading GeoSentric's Technical Advisory board is Dr. Andries van
Dam, renowned computer scientist with fifteen years experience as a
member of the Microsoft Research Technical Advisory Board.
"GeoSentric's GyPSii platform represents the next step in the race to
combine search, location and personal content into a new mobile and
web based platform. I'm delighted to be part of the team that will not
only help drive mass-market user-generated content, but also a way for
users to intuitively share their places and points of interest with
others."

Gary Bellot and David Francis, both from Horizon Group, will be
joining the Board of Directors. "Our firm is excited about
GeoSentric's innovative approach to the rapidly growing
location-services and social networking sectors. The team has a
tremendous track record, a truly global-focused business plan, and the
market and technology to redefine how users interact and communicate
with their mobile devices," stated David Francis.

About GeoSentric

GeoSentric is a developer of location-based technologies,
delivering products and services that connect people to places and
networks, from work to play to home.

It develops the leading geo-integration platform for mobile phone
devices, personal navigation devices, web browsers, and
Internet-connected devices, and provides applications and bundled
ODM/OEM solutions for consumer and B2B markets, built on the
convergence of location based services, social networking, search,
mobile & Web 2.0 technologies. GeoSentric is an ISO 9001:2000
certified provider.