Rx Networks secures $1.85 Million Follow-On Investment

Rx Networks Inc. announced today the closing of a $1.85 Million financing from its existing investors. BC Discovery Fund (VCC), Audiovox Canada and TELUS are making the second round investment as part of a larger $3 million series due to close on March 31, 2009.

“Assisted-GPS is the underlying technology accelerating the availability of location-aware mobile products and services,” said Guylain Roy-MacHabee, President and CEO of Rx Networks. “This funding enables us to support the integration and licensing of our innovative assisted-GPS performance acceleration solutions with a growing list of industry-leading GPS chipset and device manufacturers.”

“Rx Networks has exceeded our expectations with respect to sales and deployment of its proprietary A-GPS solutions,” said Charles Cook of BC Discovery Fund, a director of Rx Networks. “With the increasing penetration of Smartphones and other network-enabled GPS devices hastening the deployment of location based services, the existing investors support the acceleration of the Company’s technology roadmap with this investment.”

Rx Networks is a private, venture funded mobile positioning technology and global services company.