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Novariant adds $40 Million in series D funding

By SiliconIndia | Tuesday, 04 November 2008, 02:12 Hrs

Fremont: Novariant, a provider of industrial solutions for precision positioning and intelligent machine control systems, has received a $40 million series D equity financing in a round led by Investor Growth Capital, with new investors Sierra Ventures and Ridgewood Capital, and existing investors Argonaut Private Equity, Clearstone Venture Partners, Pacifica Fund, Kirlan Venture Capital, and Yasuda Enterprise Development participating. The fund will be used to fuel the company's rapid growth.

In this year, Novariant witnessed a 75 percent increase in the revenue over the last year. In the agricultural sector, as rising input costs lead farmers to look for new ways to increase efficiency and productivity, Novariant's AutoFarm Division, with its patented GPS automatic, hands-free steering systems, offers dramatic cost- and time-saving efficiencies along with increased yields.

Novariant's mining division has sold its Terralite XPS Systems into surface mines operated by five of the largest mining companies in the world. The Terralite XPS System significantly increases the productivity of high precision mining operations by eliminating operational downtime caused by limited GPS signal availability. It provides the 24/7 positioning information needed for machine control and guidance systems and for autonomous operations.

"Our new investors have a long term focus on value with significant international experience. This financing further validates Novariant's market opportunity and demonstrates confidence in our current and future growth prospects. This capital will enable us to focus on execution, developing new, innovative products for our customers and expanding our international presence," Novariant's CEO.

In connection with this financing, Phil Dur, investment professional for Investor Growth Capital, will join Novariant's board of directors.

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