We reported about this 10 days ago, and now NewsObserver follows up on it: Motricity’s fund raising is going on and may reach $170 million. It has already raised about $200 million since being founded in 2001, and this new round is to pay for acquiring InfoSpace’s mobile infrastructure division.

Wireless industry analyst Scott Sutherland estimated Motricity’s current annual revenue at $50 million to $60 million, the story says, and it needs to get bigger for an IPO debut, the logic goes. The InfoSpace (NSDQ: INSP) division is on track to gross about $45 million this year, probably enough to push Motricity over the hump.

• Motricity’s Possibly Buying InfoSpace’s Mobile Unit; Raising $175 Million; The Elusive IPO
• InfoSpace Sells Online Directory Business To Idearc For $225 Million