Sources inform ''Globes'' that Israeli GPS solutions for cellphones developer CellGuide Ltd. has raised $8 million in its second financing round. Giza Venture Capital led the round, and was joined by some of the company's prior investors. Investors in the company include GlenRock Israel, CAP Ventures, and Evolution Securities Ltd., as well as private investors Ron Zuckerberg and California Governor Arnold Schwartzenegger.
CellGuide CTO Baruch Shayevits and Dan Arazi founded the company in 1999. It has developed a GPS chipset for cellular telephones and other mobile devices. The technology is based on technology developed by Israel Aerospace Industries Ltd. (IAI). The company recently expanded its activity to the Far East, appointing distributors in China, South Korea, and Taiwan.
According to IVC Online, CellGuide has raised $23 million, including the present round.
CellGuide operates behind a veil of secrecy because of the intense competition in its field. Sources inform ''Globes'' that the company has had initial sales. The present financing round is intended to speed up the company's growth. Israeli start-up investment house LEAP Capital Advisors Ltd. advised the company during the fundraising for the round.
Published by Globes [online], Israel business news - www.globes-online.com - on January 8, 2008
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