Vindigo Announces $6.1 Million In Venture Funding For Ongoing Development Of Mobile Location-Based Services

i-Hatch Ventures and AOL Time Warner Ventures Back Leading Mobile Application Company

NEW YORK, May. 29, 2002 - Vindigo, the leading developer of personal navigation applications for mobile devices, today announced that it has completed a third round of venture financing totaling $6.1 million. The round was led by new investor i-Hatch Ventures, with AOL Time Warner Ventures also investing for the first time. Current investors participated as well.

"In the 11 months since its last venture round, Vindigo has successfully launched versions of its award-winning personal navigation application for Pocket PC computers and BREW™ cellphone handsets, added premium subscription versions of its services for all platforms, built strategic relationships with several major companies, and expanded its network of content partners to cover more than 25 cities," said Chip Austin from i-Hatch Ventures. "Most importantly, Vindigo has demonstrated consistent revenue growth and is on a clear path to profitability. The company is the undisputed leader in its market in the US and we look forward to working with the outstanding management team to take the company to the next level."

"Vindigo has demonstrated an expertise in developing applications for wireless devices and their products hold promise for the wireless services market. We're pleased to support this round of funding and look forward to their continued success," said Len Leader, President of AOL Time Warner Ventures.

"Vindigo is the only company in the market that offers a complete solution for personal navigation: compelling applications for every major class of handset, whether Palm Powered™, Pocket PC, WAP, BREW, or soon Java; comprehensive brand-name content; and integrated maps and directions," said Jason Devitt, founder and CEO of Vindigo. "We're very excited that investors of the caliber of i-Hatch Ventures and AOL Time Warner Ventures will be bringing their experience and their resources to bear as we work to make Vindigo 2.0 the most popular and profitable wireless Internet service."

About i-Hatch Ventures

Formed in early 1999, i-Hatch Ventures is one of the premier early-stage technology venture funds in the Northeast. With over $100 million under management, i-Hatch provides capital and hands-on support for technology ventures located primarily in the northeast corridor. i-Hatch's initial fund supported the startup activities of more than 20 new technology ventures, and was followed by a second fund which continues to provide breakout funding and support for ventures across a variety of core and enabling technology sectors. More information about i-Hatch Ventures can be found at http://www.i-hatch.com.

About Vindigo

Vindigo is the leading developer of personal navigation applications for delivering location-based content and services to wireless and mobile devices. Vindigo's proprietary technology and network of content partners enables it to offer compelling and comprehensive location-based applications to carriers and consumers, via Palm Powered™ handheld computers, Pocket PC computers, and Internet-enabled mobile phones including BREW™ handsets. Vindigo allows people to explore, enjoy, and connect to the world around them.

Vindigo is a privately held company backed by i-Hatch Ventures, General Atlantic Partners LLC, JP Morgan Partners, Flatiron Partners, and other select investors. More information about Vindigo can be found at http://www.vindigo.com.

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