Navicore Completes First Round Funding to Ramp Up Activities

3/11/2004 - Navicore Ltd., a provider of advanced navigation and coordination applications for mobile phones, announced that it has secured its first round of funding from two leading Finnish Technology Venture Capital firms Eqvitec Partners and Holtron Ventures.

"This first funding is a powerful endorsement to our mission of bringing user-friendly map and navigation applications to mobile phone users", said Panu Vuorela, CEO of Navicore Ltd. "This funding allows us to ramp up our sales and marketing activity in order to hit the markets in Spring 2004", Vuorela added.

“Eqvitec was attracted to Navicore’s easily deployable navigation and workforce management solution for mobile phones. Their application is extremely easy-to-use and can be utilized in any mobile phone based on Nokia Series 60 platform”, commented Jussi Hattula, Investment Director of Eqvitec Partners.

“We believe Navicore’s mobile map and navigation solutions will create a whole new market segment for business applications. Navicore enables enterprises to leverage the installed base of mobile phones without the need to invest in dedicated GPS navigators”, said Sami Ahvenniemi, Investment Director of Holtron Ventures.

Navicore’s software turns a mobile phone into a GPS navigator with advanced workforce management tools. Featuring a rich set of coordination and collaboration tools, Navicore's mobile client software and enterprise servers offer easy-to-use and accurate positioning and fast routing to mobile sales force, maintenance and surveillance personnel and logistics operators.

Navicore’s navigation solution is fast, user-friendly and able to adapt dynamically to user preferences. It computes routes effortlessly in a mobile handset. The Telematics information is received from a GPS device that may be integrated or connected wirelessly with Bluetooth.

About Navicore
Navicore Ltd. is a provider of navigation and coordination applications for personal and business use. Navicore’s software turns a mobile phone into a GPS navigator with advanced workforce management tools. Focusing on mobile handsets and smart phones, Navicore's mobile client software and enterprise servers offer easy-to-use and accurate positioning and fast routing to mobile sales force, maintenance and surveillance personnel and logistics operators. www.navicore.fi

About Eqvitec Partners
Eqvitec Partners is the leading private and independent venture-capital firm in the Nordic countries specializing in technology companies. It currently has three funds with a total capital of €260 million euros under management. Eqvitec Partners has invested in approximately 50 Nordic technology companies with growth potential. www.eqvitec.com

About Holtron Ventures
Holtron Ventures Ltd. is a venture capital management company concentrating on early stage investments within the ICT sector in Scandinavia and in Finland. The company mission is to act as a value added investor and to coach entrepreneurs through the various development stages. Holtron Ventures manages three funds: Holtron Capital Partners I Ky, Holtron Capital Fund I Ky and Holtron Capital Fund II Ky. www.holtronventures.com

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