Company Prepares for National Consumer Launch of Industry’s First InternetConnected GPS
MOUNTAIN VIEW, CA — February 12, 2007 – Dash Navigation™ Inc., today announced that it has secured $25 million in Series B funding, well positioning the company for the national consumer launch of its Internetconnected automotive GPS device this fall. The round was led by Crescendo Ventures with new investors Artis Capital, ZenShin Capital Partners and Gold Hill Capital as well as additional participation from existing investors Kleiner Perkins Caufield & Byers, Sequoia Capital and Skymoon Ventures. This announcement comes on the heels of the company’s successful appearance at the 2007 International Consumer Electronics Show (CES) last month with “Best of Show” wins from CNET and LAPTOP Magazine.
Dash also announced today that is has expanded its board of directors with the addition of two new members, Peter Gotcher and Wayne Cantwell. Gotcher, an independent investor who was previously a venture partner with Redpoint Ventures and IVP, brings to the board a wealth of experience building and managing highly successful technology companies. Previously the founder of Digidesign (now part of Avid), Gotcher currently holds board roles at Avnera, Dolby Laboratories, Line6, Zing and Pandora. Cantwell, a general partner at Crescendo Ventures, has spent the past nearly 20 years in the technology arena in technical, general management and operational roles at companies including InSilicon, Phoenix Technologies, Intel and NEC.
“Dash is in a great position to capitalize on the tremendous growth in the market for navigation devices given its strong team, market expertise and technology innovation,” said Cantwell, general partner at Crescendo Ventures. “More importantly, the company is addressing the real issues missing from today’s navigation systems – helping drivers get around traffic and find the places and things that they need right from their cars.”
“We’ve built tremendous momentum over the past several months in preparation for our upcoming national launch,” said Dash Navigation Chief Executive Officer Paul Lego. “In addition to securing key partnerships in mapping, traffic and local search, and winning industry awards around product innovation, we now have the funding and additional board expertise to take us to the finish line – into consumers’ cars across the nation.”