RappidMapper Closes Venture Funding Round

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RappidMapper, Inc. (RMI), Salt Lake City, UT, reports it closed a round of venture funding on January 17, 2006 bringing the company a commitment of $2.8 million. RMI is a hardware/software/services company focused on the AEC market. Its 3D technology integrates LIDAR data, digital camera data and GPS coordinates in proprietary files.Lead investor is vSpring Capital, Salt Lake City, UT, partnered with The University Venture Fund from the University of Utah. An additional investment from Flywheel Ventures, Santa Fe, NM, will close next week. vSpring Capital partner Ed Ekstrom will have a seat on the company’s board of directors, as will Flywheel general partner Scott Caruso. David Bailey, CEO of RMI, says, “We are pleased to add these firms to the growing stable of human talent at RMI. Our technology is very strong and it is in even better hands now.”

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