GeoSentric, developer of geo-social networking technology, has secured $13.1 million (USD) in an oversubscribed round led by Horizon Group and Schroders Private Bank.
GeoSentric will use the funds to expand its marketing and sales presence into selected global geographies, along with R&D that will develop and accelerate the company’s product road map.
Led by former senior executives from Netscape, Oracle and AOL/Time Warner, GeoSentric develops high value solutions that deliver geo-based consumer and business applications that integrate a mobile user’s world with their desktop, digital television and PND devices.
“This latest round of funding is a tremendous vote of confidence in our strategy, technology, intellectual property and team,” says Dan Harple, Executive Chairman of GeoSentric. “Our original target was to raise $5.5 million but, given the considerable investor interest that GeoSentric is attracting together with the potential size of the market, meant that we were compelled to increase the size of the round.”