SAN FRANCISCO , May 17, 2012 /PRNewswire/ — CrowdOptic, a maker of crowd-driven mobileapplications, announced today it has closed a special round of newdebt financing from Silicon Valley Bank. The latest round offinancing will be used to accelerate development of the company’sinnovative technology platform and expand its sales efforts. CrowdOptic’s mobile technology for live events is already used in awide range of premier sporting and entertainmentvenues.-?CrowdOptic debuted its technology in July 2011 and is next scheduled to be used by Infineon Raceway at theToyota/Save Mart 350, part of the NASCAR Sprint Cup Series, on June 22 , 2012. CrowdOptic is on pace to more than double its quarterlybookings and revenue throughout 2012. Pipe Welding Rotator
Jim Kovach , chief operating officer for CrowdOptic, stated that, “We areextremely pleased with our venture debt relationship with SiliconValley Bank and the additional capital it will provide to fuel ourcontinued growth. Our management has worked with Silicon ValleyBank in past financing rounds for CrowdOptic and in priorcompanies. We look forward to continuing our strong relationshipwith this lending institution.” “We’ve found the CrowdOptic team to have an exceptional trackrecord as innovators and partners,” said Albert Martinez , Senior Relationship Manager at Silicon Valley Bank. “We arelooking forward to playing a key role in CrowdOptic’s next phase ofgrowth.” About CrowdOptic CrowdOptic is the first mobile technology which detects clusters ofpeople who are all looking at the same thing at the same timethrough their smartphone cameras while taking photos and videos.This powerful core technology underpins CrowdOptic’s real-timeanalytic and mobile platform and is already transforming the wayenterprises and individuals filter, curate and target their contentand messages aimed at crowds, bringing social media into greatercontext and into focus. Widely adopted at numerous premier sporting and entertainmentvenues, CrowdOptic lets fans spark social media discussions andfilter social media posts based on shared experiences. Automatic Welding Manipulator
CrowdOpticalso supplies the data that helps enterprises track heat at theirevents and create highly targeted, context-aware marketing andadvertising campaigns. CrowdOptic is a privately-held, venture-backed company based in San Francisco . For more information, visit . About Silicon Valley Bank Silicon Valley Bank is the premier bank for technology, lifescience, cleantech, venture capital, private equity and premiumwine businesses. SVB provides industry knowledge and connections,financing, treasury management, corporate investment andinternational banking services to its clients worldwide through 27U.S. China Cnc Cutting Machines
offices and seven international operations. (Nasdaq: SIVB) . Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVBFinancial Group. Banking services are provided by Silicon ValleyBank, a member of the FDIC and the Federal Reserve System.
SVBFinancial Group is also a member of the Federal Reserve System. SOURCE CrowdOptic Copyright 2010 PR Newswire. All Rights Reserved.