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Robert Bosch Venture Capital leads $3.75 million Series A round for Flybits
(Canada Newswire Via Acquire Media NewsEdge) Toronto start-up to advance context-aware mobile experience platform
TORONTO, Aug. 20, 2014 /CNW/ - Flybits Inc., a Toronto start-up that has created a context-aware experience
development platform for mobile environments, has closed a $3.75
million Series A financing. Led by Robert Bosch Venture Capital GmbH
(RBVC) and Trellis Capital Corporation with participation from MaRS
Investment Accelerator Fund and Ryerson Futures, Inc., the investment
will advance the company's product development and international growth
in the United States and Europe.
Since spinning off from Ryerson University in 2012, Flybits has raised a
total of $4.05 million to date, including a seed round from MaRS
Innovation. Flybits technology has been used in developing smarter
cities, connected stadiums, smart corporate campuses, shopping malls,
conference venues and even fashion shows. The company also concurrently
incubated its technology at the Ryerson Digital Media Zone in Toronto
and Vodafone Xone in Redwood City, California.
"Flybits is RBVC's first investment in Canada," said Luis Llovera,
managing director of Robert Bosch LLC based in Palo Alto,
California. "The company has demonstrated a unique and innovative
approach in building foundational technology to deliver Contextual
Mobility Services for both display-driven devices and for the emerging
Internet of Things applications. Flybits' strong roots in tangible and
high impact R&D, their ability to predict the required infrastructure
for the industrial Internet and their global entrepreneurial ambitions
were some of the reasons we were attracted to this company."
"Involving high-quality investors such as Bosch and Trellis demonstrates
the potential in our unique approach to designing Intelligent Mobility
Solutions that are intuitive and scalable," said Dr. Hossein Rahnama,
CEO and founder of Flybits. "In particular, having Bosch as a strategic
investor means we leverage their global expertise in software
automation, connected communities and sensor technologies as we support
new and existing international customers, and scale and develop both
our team and our products."
"Recognizing the Flybits' platform potential to create next-generation
mobile experiences at an early stage, MaRS Innovation worked closely
with Flybits to launch the company and secure initial market traction,"
said Dr. Raphael Hofstein, president and CEO of MaRS Innovation.
Flybits' intuitive visual platform is so easy to use that users can
build unique contextual experiences without sophisticated IT or other
technical integration. Flybits' goal is to build a platform that allows
anyone to create context-aware mobility experiences without worrying
about semantic analysis or context processing.
"Flybits is a great example of how innovation is becoming global and
borderless," said Mr. Werner Wnendt, German Ambassador to Canada.
"Connecting industrial powers like Bosch in Germany to a unique and
promising Canadian university start-up is a very exciting, innovative
collaboration between Germany and Canada. It shows how fruitful the
cooperation of our two countries is in the sphere of science and
technology. I had an opportunity to visit Flybits last year and I am
pleased that Bosch has decided to accelerate its growth."
About Flybits
Flybits is a young and hyper-innovative software company based in
Toronto with smaller offices in London and New York. Flybits develops
tools that allow users to create predictive and context-aware computing
environments for mobile, wearable and connected devices. Flybits
leverages the exponential growth of data, augments it with sensing
capabilities and enables its users to intuitively create and customize
a unique contextual experience for their entity of interest. www.flybits.com
About Robert Bosch Venture Capital GmbH (RBVC)
RBVC is the corporate venture company of the Bosch Group, a leading
global supplier of technology and services. RBVC invests worldwide in
innovative start-up companies at all stages of their development. Its
investment activities focus on technology companies working in areas of
business of current and future relevance for Bosch above all automation
and control, energy and environment, enabling technologies, and
healthcare. RBVC also invests in services and business models as well
as new materials that are relevant to the above-mentioned areas of
business. www.rbvc.com
About Trellis Capital Corporation
Trellis Capital Corporation (Trellis) is a private venture capital fund
that invests in small to mid-sized Canadian companies in select
technology-based sectors. Trellis' investment activities focus on
innovative companies with highly scalable and capital efficient
business models that have the potential to be disruptive in their
respective markets. Trellis provides capital, expertise, and a network
of contacts to the companies it invests in, as well as assists in their
expansion into emerging markets if the opportunity exists. www.trelliscapital.com
About MaRS Investment Accelerator Fund
The Investment Accelerator Fund (IAF) (@MaRSIAF) provides seed funding
to qualified emerging companies in Ontario. A critical component of the
Ontario Network of Entrepreneurs (ONE), the IAF supports the launch and
development of innovative companies in Ontario's priority sectors of
information technology, advanced materials and manufacturing, cleantech
and life sciences. To learn more, visit http://iaf.marsdd.com.
About Ryerson Futures
Ryerson Futures Inc. (RFI) is an accelerator for early stage companies
connected to the Digital Media Zone at Ryerson University. RFI invests
in early stage technology companies and brings their products to market
through an extensive global network. www.ryersonfutures.ca
About MaRS Innovation
As the commercialization agent for 15 of Toronto's and Canada's top
universities, hospital and research institutions, MaRS Innovation (MI)
works on the behalf of its members to take their most promising
research breakthroughs from the lab bench to the market. www.marsinnovation.com
SOURCE Flybits Inc.
Image with caption: "Flybits Inc. logo (CNW Group/Flybits Inc.)". Image available at: http://photos.newswire.ca/images/download/20140820_C7575_PHOTO_EN_42498.jpg
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