SquareLoop Receives $1 Million in Funding
Investment from Leading D.C. Entrepreneurs is Earmarked for Product Development, Sales and Marketing
Reston,VA- SquareLoop Inc., a provider of wireless location- based services (LBS), today announced that it 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 Davis, 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.”
“We are excited to be working with such a distinguished group of investors,” said Tom Stroup, SquareLoop’s CEO. “Over the next few months we will be rolling out several new customers and partnerships across the United States. This investment is perfectly timed, enabling us to enhance sales, marketing and product development efforts as we continue to grow our customer base.”
About SquareLoop Inc.
SquareLoop offers the next generation mobile messaging product that combines wireless location-based services (LBS) technology and advanced mobile messaging for public safety, content delivery and mobile marketing applications. Unlike other commercial LBS applications that continuously track the location of targeted individuals, SquareLoop’s technology platform is the only one available today that can preserve users’ location privacy. SquareLoop’s Mobile Alert Network offers location-specific and time-specific delivery of messages to mobile phones and devices that does not rely on location tracking or central monitoring of a subscriber’s movements. SquareLoop also plans to partner with content providers and information sources to enhance the value and relevancy of information. Managed by a team of wireless industry veterans, SquareLoop is headquartered in Reston, Va. For more information, visit www.squareloop.com.
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