CIT GAP Funds Invest in Ringio

Share Article

Real-time, cloud-based unified communications technology that uses social data to improve the quality of customer interactions over the phone and the productivity of employees.

CIT GAP Funds
We offer entrepreneurs like Sam Aparicio access to hard-to-find capital, while leveraging public and private investments with the potential to generate extraordinary economic returns for the Commonwealth of Virginia.

The Center for Innovative Technology (CIT) announced today a $100,000 investment in Ringio, an innovative cloud-based solution for small- and medium-sized businesses that combines unified communications, mobile services, social media, and customer relationship management (CRM) technologies to improve all qualitative aspects of customer phone calls. Ringio is located in McLean.

CIT President and CEO Pete Jobse said, “Companies like Ringio are changing the way the telecommunications industry works, which is why we made the investment. Cloud-based innovation is critical for the future of telecom as an increasing number of businesses adopt it in Virginia and nationwide, generating over $148 billion in revenues by 2014, according to Gartner.”

Ringio’s core differentiator is its ability to pull all available data on the incoming caller from CRM systems and social media platforms, in real time using computer software of smart phone applications, to improve both the customer’s and company’s call effectiveness. The service works by offering customers a toll-free number that automatically answers and routes their phone calls in a personalized, professional manner, to the preferred phone of the most relevant employee. The Ringio service is offered directly to small businesses and through white label distribution channels.

Sam Aparicio, Ringio CEO, said, “Each year billions of valuable interactions with customers and prospects at smaller businesses are lost because phone calls are either unnecessarily missed, misrouted, mishandled, or redirected to voicemail, which can be frustrating and costly to all involved. With Ringio, businesses can avoid all of these problems and become more customer-centric and more efficient in handling sales.”

Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, “We offer entrepreneurs like Sam Aparicio access to hard-to-find capital, while leveraging public and private investments with the potential to generate extraordinary economic returns for the Commonwealth of Virginia.”

Since its 2005 launch, CIT GAP Funds has placed over 50 investments across the Commonwealth, deploying more than $5M of public funds and attracting $16 dollars of private funding for every $1 of public money invested. (For a list of portfolio companies, please visit the GAP Funds website.)

There are an estimated ten million companies in the market today perfectly poised for Ringio’s service; by 2014, it’s forecasted this market for Communications-as-a-Service (CaaS) will grow to be a $12.3M industry.

To learn more about Ringio, visit their website and follow them on Twitter.

About the Center for Innovative Technology, http://www.cit.org

CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers.

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Visit website