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GeoSentric Secures Additional $13 Million Financing From New And Existing Investors
Written by GeoSentric
Monday, 10 September 2007
Strong Investor Support Positions Company To Drive Market Adoption of Geo-Social Networking Technology
(Amsterdam: September 10, 2007): GeoSentric, the world's leading developer of geo-social networking technology, today announced that it has secured $13.1 million (USD) in an oversubscribed round led by Horizon Group and Schroders Private Bank. GeoSentric will use the funds to expand its marketing and sales presence into selected global geographies, along with R&D that will develop and accelerate the company's product road map.
Led by former senior executives from Netscape, Oracle and AOL/Time Warner, GeoSentric develops high value solutions that deliver unique geo-based consumer and business applications that integrate a mobile user's world with their desktop, digital television and PND devices.
"This latest round of funding is a tremendous vote of confidence in our strategy, technology, intellectual property and team," commented Dan Harple, Executive Chairman of GeoSentric. "It signals our intent to become the leading global platform for the convergence of search, location and personal content as a new form of geo-social networking; connecting people with people, with the places they frequent."
"Our original target was to raise $5.5 million but, given the considerable investor interest that GeoSentric is attracting together with the potential size of the market, meant that we were compelled to increase the size of the round," added Harple.
GeoSentric's flagship product is the GyPSii platform, which uses pioneering geo-location software technology to connect people to people, and people to places with new and exciting social community and location-specific services.
Leading GeoSentric's Technical Advisory board is Dr. Andries van Dam, renowned computer scientist with fifteen years experience as a member of the Microsoft Research Technical Advisory Board. "GeoSentric's GyPSii platform represents the next step in the race to combine search, location and personal content into a new mobile and web based platform. I'm delighted to be part of the team that will not only help drive mass-market user-generated content, but also a way for users to intuitively share their places and points of interest with others."
Gary Bellot and David Francis, both from Horizon Group, will be joining the Board of Directors. "Our firm is excited about GeoSentric's innovative approach to the rapidly growing location-services and social networking sectors. The team has a tremendous track record, a truly global-focused business plan, and the market and technology to redefine how users interact and communicate with their mobile devices," stated David Francis.
---ends---
About GeoSentric
GeoSentric is a developer of location-based technologies, delivering products and services that connect people to places and networks, from work to play to home.
It develops the leading geo-integration platform for mobile phone devices, personal navigation devices, web browsers, and Internet-connected devices, and provides applications and bundled ODM/OEM solutions for consumer and B2B markets, built on the convergence of location based services, social networking, search, mobile & Web 2.0 technologies. GeoSentric is an ISO 9001:2000 certified provider.
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