TERRAGO TECHNOLOGIES COMPLETES $6.3 MILLION SERIES A ROUND TO FUND GROWTH
Investment Led by RedShift Ventures with Participation from CNF Investments and In-Q-Tel
May 15, 2007
TerraGo™ Technologies announced today that the company has raised $6.3 million in a Series A round of financing led by early-stage venture capital firm RedShift Ventures, with participation from CNF Investments, the private equity and venture capital arm of Clark Enterprises, Inc. and In-Q-Tel, the independent strategic investment fund that identifies innovative technologies to support the missions of the Central Intelligence Agency (CIA) and the larger U.S. Intelligence Community.
TerraGo™ Technologies will use the funds to further invest in product development and to rapidly build on momentum in the commercial and government marketplaces for its one of a kind geospatial distribution and collaboration format, GeoPDF™. “Adoption of the GeoPDF geospatial data distribution and collaboration format is accelerating quickly across numerous market segments,” said James C. Davis, president and CEO of TerraGo Technologies. “This investment along with the relationships and expertise our new investors provide will allow us to grow the company to meet that market demand and engage in additional opportunities both in the U.S. and internationally.”
The GeoPDF format is the geospatial industry’s only PDF-based data distribution and collaboration solution. By leveraging the ubiquitous Adobe® Acrobat® portable document standard and the Adobe Reader® already installed on hundreds of millions of computers worldwide, TerraGo Technologies is able to provide a solution for quickly and easily distributing intelligent, interactive georegistered mapping data in a format that is well-known to most people.
As such, the GeoPDF format makes it simpler and more cost-effective for organizations to push geospatial data to users anywhere who can view and update maps whether connected or not and leverage powerful Adobe collaboration tools to share information in real or near real time.
“RedShift Ventures is very excited to help the TerraGo Technologies team build a world-class enterprise. We are impressed with how organizations are already applying the GeoPDF format in a multitude of ways to distribute complex geospatial data,” said Dr. Srini Mirmira, a principal at RedShift Ventures.
“As people and companies increasingly need intelligent, interactive maps, we believe TerraGo Technologies will provide a robust platform of products that serves that expanding market, giving the company a wide range of growth opportunities,” added RedShift Ventures general partner, Mark Frantz.
As a result of the Series A investment, Mirmira and Frantz will join the board of directors at TerraGo Technologies.
About TerraGo Technologies
TerraGo Technologies makes it simple to connect all kinds of users to geospatial mapping data. GeoPDF is the industry’s only geospatial distribution solution to leverage the ubiquitous Adobe portable document format breaking down technology barriers between geospatial professionals and the people who need access to geospatial data. Using MAP2PDF®, geospatial professionals are able to convert complex geospatial information into user friendly, interactive GeoPDF files with extensive embedded data and mapping features. Users leverage Adobe Reader to perform a variety of viewing and editing functions. Customers include government agencies, utilities and other private enterprises. For more information, please visit www.terragotech.com.
About RedShift Ventures
RedShift Ventures (RSV) is an early stage venture capital firm focused on commercializing advanced technologies that provide compelling solutions for rapidly growing markets. RSV is a proven and trusted leader with more than 10 years of investing success in the communications, microelectronics and software sectors and has over $270 Million in assets under management. For more information, please visit www.redshiftventures.com.