SAN FRANCISCO, Dec. 31, 2012 /PRNewswire/ -- CrowdOptic, a maker of crowd-driven mobile applications, announced today that it has closed additional debt financing from Silicon Valley Bank. The company will use the financing for product and market expansion, to capitalize on runaway demand for its mobile technology, and to deliver an end-to-end mobile enterprise solution based on its core mobile enterprise technology platform.
In July 2011, CrowdOptic introduced the first technology that could cluster smartphone users by line of sight, a capability which quickly disrupted the industry space for digital media sharing and augmented reality. Since then, CrowdOptic has experienced burgeoning demand for myriad applications of its technology, including both consumer front-end applications, and back-end, big data-driven enterprise solutions, prompting a company strategy to expand the product portfolio. The latest funding from Silicon Valley Bank puts CrowdOptic in a position to roll out a full suite of products as part of an end-to-end enterprise solution.
"On the one hand, we are powering amazing real-time consumer apps on the front end like 'Friend Spotter' from Ticketek, which connects friends at live events, and we are working with Explore Engage to embed our technology in their smart glasses," said Jim Kovach, chief operating officer for CrowdOptic. "On the other hand, our business is also exploding in the big data analysis arena. In our deal with xTV, the leader in Interactive Cloud TV, we are combing through enormous amounts of back-end metadata to rebroadcast the most relevant content from the hottest events and news around the world. We intend to continue to expand on all these fronts in 2013. Our strong relationship with Silicon Valley Bank and their recent demonstration of their ramped up commitment to CrowdOptic will help make this possible."
About CrowdOptic
CrowdOptic is a new crowd-powered "heat" signal – the next evolution of location-based services that recognizes the hottest crowd activity in real time as it occurs, and also after the fact, through powerful analytics. By tracking where smartphone cameras are located and where they are pointed, CrowdOptic can instantly filter mobile social media and create new opportunities for eyewitness engagement. CrowdOptic identifies, tags and rebroadcasts the live event experience to the world, on mobile, social TV and second screens. CrowdOptic is a privately-held, venture-backed company based in San Francisco. For more information, visit www.crowdoptic.com.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and seven international operations. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
SOURCE CrowdOptic