Intersouth Ventures is the co-leader of a first round of funding for a Florida-based software firm.
LOC-AID, which is based in Boca Raton, recently closed on $5 million in a round led by Intersouth, which is based in Durham, and HIG Ventures of Miami.
As part of the deal, John Glushik of Intersouth and John Kim of HIG Ventures will join the firm’s board of directors.
LOC-AID is focused on end-to-end location-based services for cellular telephone users. The company was founded in 2001. It has partnered with such firms as Qualcomm for delivery of peer-to-peer, messaging, social networking and gaming.
“The location-based services market is emerging rapidly,” said John Glushik of Intersouth Partners in a statement. “Cellular service providers who want to keep up with customer demand will have to provide LBS applications in order to maintain and grow their market share. LOC-AID has the largest suite of applications available, all best-in-class products. They have also developed the infrastructure necessary to deliver any LBS service to a cellular carrier, which gives them the unique ability to provide an end-to-end solution. “