Asset tracker SkyBitz brings in $8M
SkyBitz, a provider of satellite-based asset tracking and monitoring services, received an $8 million loan from Orix Venture Finance. Clients can gather information about any assets tagged with special SkyBitz devices. The Sterling, Va.-based company hopes to use these funds to diversify its offerings and work with more international partners. The $8 million was broken into a $3 million accounts receivable-based loan, and a $5 million senior secured loan.
Since 2000, the company has brought in $60 million in equity from investors including CIBC Capital Partners, AIG Highstar Capital, Inverness Capital Partners and Motorola Ventures, reports VentureWire.
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