July 18, 2012 – IPNav (also known as IP Navigation) announced that it has raised $15 million in debt financing with JGB Management.  According to IPNav CEO, Erich Spangenberg, “This new financing gives us additional working capital to support the major expansion we launched earlier this year.  We are now at 40 employees with 30 professionals worldwide and seeking to expand further as the market embraces our outsourced licensing solution.”  The press release says IPNav has generated $600 million in licensing fees for clients.