Funding will increase sales and marketing efforts as well as product development.
SquareLoop has received an angel investment of $1 million. The funding will support SquareLoop's sales and marketing efforts as it begins to roll out commercial communications and content delivery services, and will finance further product development efforts.
SquareLoop's angel investors are comprised of a number of prominent Washington, D.C., area individuals, including Raul Fernandez, CEO of Object Video; Nigel Morris, co-founder of Capital One; Jack Davies, founder of AOL International; The McDonnell Family, Zeitgeist Holdings; and the Center for Innovative Technology GAP Fund, as well as others.
"SquareLoop is a pioneer in merging wireless LBS and messaging, approaching service delivery in a unique way that sets the company far apart from others in this sector," said Fernandez. "The company has a vision in which LBS technology can be used for multiple applications - from emergency alerts to mobile marketing - and offer customized features, such as geographic targeting, sender-defined alert tones and rich media messaging, that are not available from other providers."
Earlier this year, SquareLoop won the Emerging Technology award for Messaging and Mobile Marketing presented by the Cellular Telecommunications Industry Association (CTIA). This annual award honors wireless products and services for their innovation, functionality, vision and technological importance, as judged by industry experts, analysts and reporters.
SquareLoop's Mobile Alert Network is the only LBS application currently available that enables users to opt-in to receive information based on their current or past location. The Mobile Alert Network platform can be used for critical communications, such as emergency, weather and traffic alerts, and advertiser supported content. Another unique feature of the Mobile Alert Network is that it does not require tracking a user's location in real time. Instead, SquareLoop's patented technology - which was originally developed by The MITRE Corp. for military applications - puts the intelligence in the handset in order to maintain individual privacy.
"A number of high profile events this year have underscored the need for geographically targeted messaging services that can distribute emergency alerts to mobile devices," said W. David Stephenson, a crisis management expert and principal at the homeland security firm Stephenson Strategies. "SquareLoop's location-based technology not only gets messages to the right people before, during, and after an emergency occurs, but it also eliminates legitimate privacy concerns because the unique application does not require tracking of individuals."
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