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NEWS ACQUISITIONS, MERGERS & AGREEMENTS Gravitate Receives Funding to Target Asian Deployment and Partnership Agreements Some Silicon Valley investors are betting that location-based wireless services will become a driving force in the industry, despite the talk of a slowing economy.Gravitate, Inc., a location-based services platform and application software developer, has closed a Series A round of funding of more than $3.7-million from an impressive line of investors such as Altos Ventures, Semper Ventures, Venture Law Group, Launch Power, and Garage.com. The San Francisco company intends to use the funds to roll out its Gravitate Platform, which facilitates the rapid development of locations-based wireless Internet service to mobile devices. Initial efforts will target OEMs, carriers, and network operators in the Japanese and Korean markets. In addition, the company hopes to enhance its technology offerings through strategic partnerships, similar to its recent agreement with Webraska. For more information: www.gravitate.comMobileinfo Comments and Advisory: While we like VCs to have the business intuition to fund location-specific startups, we shall warn them to be patient in their expectations. We are bullish about the long-term potential of m-commerce. No quick turnover of the first round, please!. You better be in it for the second and the third round. Otherwise, you are doing a dis-service to your investors, clients and the industry. Note: This news release may contain forward-looking statements. Readers should take appropriate caution in developing plans utilizing these products, services and technology architectures. All trademarks used in this summary are the property of their respective owners. NEWS
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