Strong Investor Support Positions Company To Drive Market Adoption of
Geo-Social Networking Technology
AMSTERDAM, NETHERLANDS, September 10 /CNW/ - GeoSentric Oyi, 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 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
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
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.
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.
For further information:
For further information: EMEA: Companycare Communications for GeoSentric
Alex Sowden or Rachael Parker Tel: +44 (0) 118 920 7650
firstname.lastname@example.org or Americas: email@example.com