Silicon Valley Bank has provided an undisclosed amount of new debt financing for mobile application maker CrowdOptic. Terms were not released, but CrowdOptic said it will use the money to bolster development and sales efforts. CrowdOptic is based in San Francisco.
CrowdOptic, a maker of crowd-driven mobile applications, announced today it has closed a special round of new debt financing from Silicon Valley Bank. The latest round of financing will be used to accelerate development of the company’s innovative technology platform and expand its sales efforts.
CrowdOptic’s mobile technology for live events is already used in a wide range of premier sporting and entertainment venues. CrowdOptic debuted its technology in July 2011 and is next scheduled to be used by Infineon Raceway at the Toyota/Save Mart 350, part of the NASCAR Sprint Cup Series, on June 22, 2012. CrowdOptic is on pace to more than double its quarterly bookings and revenue throughout 2012.
Jim Kovach, chief operating officer for CrowdOptic, stated that, “We are extremely pleased with our venture debt relationship with Silicon Valley Bank and the additional capital it will provide to fuel our continued growth. Our management has worked with Silicon Valley Bank in past financing rounds for CrowdOptic and in prior companies. We look forward to continuing our strong relationship with this lending institution.”
“We’ve found the CrowdOptic team to have an exceptional track record as innovators and partners,” said Albert Martinez, Senior Relationship Manager at Silicon Valley Bank. “We are looking forward to playing a key role in CrowdOptic’s next phase of growth.”
CrowdOptic is the first mobile technology which detects clusters of people who are all looking at the same thing at the same time through their smartphone cameras while taking photos and videos. This powerful core technology underpins CrowdOptic’s real-time analytic and mobile platform and is already transforming the way enterprises and individuals filter, curate and target their content and messages aimed at crowds, bringing social media into greater context and into focus.
Widely adopted at numerous premier sporting and entertainment venues, CrowdOptic lets fans spark social media discussions and filter social media posts based on shared experiences. CrowdOptic also supplies the data that helps enterprises track heat at their events and create highly targeted, context-aware marketing and advertising campaigns.
CrowdOptic is a privately-held, venture-backed company based in San Francisco. For more information, visit www.crowdoptic.com.
About Silicon Valley Bank
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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.