Investment Group Leads $17.5M Financing of IDC

<%=company1%> (Bainbridge Island, WA) has received more than $17.5 million in financing from a wireless/Internet investor group. The amount raised represents a significant investment in the rapidly growing wireless location technology sector, which is projected to grow to annual revenues of $3.9 billion within the next several years, according The Strategis Group (Washington, DC).

The investor group includes:

• Steven Hooper, former president and CEO of AT&T Wireless, former co-CEO of Teledesic, and co-founder of the newly formed Ignition Internet venture company
• Naveen Jain, CEO and founder of InfoSpace Inc.
• Wayne Perry, vice chairman and former CEO of Nextlink Communications Inc. and former AT&T Wireless executive
• Rufus Lumry, III, president of Acorn Ventures Inc., a founder and former EVP/CFO of McCaw Cellular Communications

InfoSpace Inc. (Redmond, WA), Broe Growth Capital LLC (Denver, CO), and Madrona Venture Group LLC (Seattle, WA) are also strategic investors in the round. Existing shareholders from previous financing rounds also participated in the funding. IDC will use the funds raised to build its product lines and continue the establishment of its marketing alliances, product distribution partnerships and sales channels.

Edited by Ellen Jensen