VidTeq, a provider of VideoMap based Navigation, Location and Search solutions for businesses has raised series A funding from KITVEN, a venture capital fund operated by Karnataka State Industrial Infrastructure Development Corporation, Karnataka State Financial Corporation (KSFC), Small Industries Development Bank of India (SIDBI) and Karnataka Bio-technology & Information Technology Services. The financial terms of the investment have not been disclosed. The company intends to use the funds to expand their offerings including develpment of their mobile application and to expand their sales and marketing team. Following the funding round, KITVEN will join the company's board of directors. VidTeq was founded by Chandra Thimmannagari, Navada Muraleedhara and Ravi Narala and started offering video based navigation services in February 2009. Through its patented VideoMap technology, which comprises of a video clip of the complete route between source and destination with media such as business logos, background music, turn-by-turn audio overlay, road names and others, embedded into it, it offers video directions and location search solutions. The service, currently in Beta, is available in Bangalore and Mysore. In addition to online video navigation enabled maps, the company also offers mapping and video navigation solutions to businesses: - WayFinder: A service that enables organizations to embed video based driving directions to their location, on their website. The directions include a digital map with the route highlighted, turn by turn text directions with major landmarks shown along the way and complete route video. It also allows users to E-mail or SMS these directions to themselves or others. - Store…
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