Santa Clara, Calif. -- TeleNav, a Santa Clara-based provider of wireless location-based services, said on Wednesday that it has raised $30 million in a new round of private equity funding led by Menlo Park-based Menlo Ventures. New investor Lehman Brothers Venture Partners and previous investors iGlobe partners and Sycamore Ventures also participated. TeleNav said that the proceeds will be used to support product development, sales and marketing, as the market for location-based services -- such as GPS navigation on mobile devices -- continues to grow at a rapid pace. TeleNav was the first company to launch a mobile phone GPS navigation service in the U.S. through its partnership with Nextel.
http://www.telenav.com/
http://biz.yahoo.com/bw/060301/20060301005331.html?.v=1
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