Inverness Capital Partners (ICP), a Wayne, PA venture capital firm focused on emerging industrial technology companies, has invested $6 million as part of a $20 million financing round into SkyBitz, Inc. ICP co-led the deal along with the venture capital arm of Motorola.
SkyBitz will use the money to continue marketing efforts and product enhancements for its proprietary Global Locating System (GLS) Platform which gives customers the ability to track powered and un-powered assets. SkyBitz's primary target industry is commercial trailer tracking.
In addition to serving as a co-lead on the transaction with ICP, Motorola has entered into a separate agreement with SkyBitz to jointly develop asset tracking and monitoring products for multiple markets. By leveraging SkyBitz's technology, Motorola hopes to offer its customers new satellite-based products and services that are smaller, faster and have extended battery life.
