Daily News: May 18, 2012

CrowdOptic Secures New Debt Financing With Silicon Valley Bank

CrowdOptic, a San Francisco-based maker of crowd-driven mobile applications, 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.

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.