SAN FRANCISCO, Oct. 11, 2012 /PRNewswire/ -- CrowdOptic, a maker of crowd-driven mobile applications, today announced it has raised $500,000 in additional capital to meet its targets of international expansion and profitability during the current quarter.
The company announced that it will unveil new deployments of its technology in Australia, New Zealand, India and Japan during the fourth quarter of 2012. The new funding will help the company sustain an aggressive rate of growth and enter new international markets while meeting a key milestone of overall profitability.
The announcement marks the first year of market availability for CrowdOptic and caps off a year of record-setting adoption of its mobile technology for live events in a wide range of premier sporting and entertainment venues throughout the U.S. and Europe. The technology, which first debuted in the third quarter of 2011 at the Bank of the West Classic tennis tournament, the first stop on the U.S. Women's Open Series, has since been deployed in various sporting and entertainment venues ranging from MetLife Stadium to the NASCAR Sprint Cup Series, in a wide range of productions and pilots on behalf of five Global 1,000 entities. In the year since its initial launch, the company has experienced exceptionally strong growth in demand and adoption of its technology.
"This latest funding milestone comes on the heels of a year of extraordinary growth, customer adoption, and industry awards recognizing our innovative product as a game changer in the areas of broadcast communication and social media during live events," said CrowdOptic CEO Jon Fisher. "We have demonstrated an immensely scalable business and this capital round marks our readiness and intent to expand rapidly in this exploding market."
"With revenues having tripled last quarter, we are pleased to report that we are on pace to attain profitability by the end of this year. This new round of funding will play a key role in our next phase of growth."
CrowdOptic live events technology detects clusters of mobile phones in a crowd pointing at the same location and joins them into live social groups. For more information, visit www.CrowdOptic.com.
CrowdOptic is a new crowd-powered "heat" signal – the next evolution of location-based services that recognizes the hottest crowd activity as it occurs. By tracking where smartphone cameras are located and where they are pointed, CrowdOptic can instantly filter mobile social media and create new opportunities for fan 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.