We're excited to announce that we've closed a new investment round that will enable us to hire more engineers, evolve our local data service offerings and to launch our new local data management system for federating local business place information.
Toronto, ON (PRWEB) July 27, 2011
Locationary Inc., the leading provider of mobile & web solutions to manage the world’s local business places information, today announced it has secured $2.5 million from new investors, including the Investment Accelerator Fund (IAF) and Trellis Capital. Existing investors Extreme Venture Partners, Plazacorp Ventures, Angels and Management also participated in the financing. Locationary will use the funding to support the ongoing development and commercial launch of its new local data management system. This new system engages and empowers people around the world to collect, enhance, and distribute local business places data for the benefit of individuals, organizations, and businesses.
"We're excited to announce that we've closed a new investment round that will enable us to hire more engineers, evolve our local data service offerings and to launch our new local data management system for federating local business place information," reported Locationary Chief Executive and Founder Grant Ritchie. “It’s a great vote of confidence in our new system that dramatically improves the way local business information is managed and distributed.”
Locationary is now commercializing its sophisticated cloud-based, local data management system that helps mobile and web publishers improve quality while reducing the costs and complexity of managing local business places data. Locationary offers a free platform, specialized tools, and access to data updates from a global community, business owners, and other publishers. Publishers can use the specialized tools to enhance their proprietary data, or to synchronize it with other authorized partners, while accessing an extensive, federated database with more than 25 million profiles in 190 countries, maintained in over 40 languages.
“Locationary’s specialized system slashes the significant costs and inaccuracies generated through traditional local business place data aggregation approaches,” stated Dan Servos, Chief Operating Officer. “The system incorporates data processing through a global community of trusted local editors and computer scientists who are financially rewarded for accurately adding new information, identifying places that have closed, and finding and fixing errors for publishers who use the platform. This new approach scales globally and offers vast processing power while incorporating human intelligence to resolve the issues that algorithmic processing alone cannot do.”
Locationary Inc. is a private, venture-backed, data management company focused on improving the quality of local business places data for mobile and web content, search, daily deals and navigation apps. Locationary’s services include Data Origination, Data Cleaning, Publisher ID Mapping and Management of domestic and international local business places data in a secure cloud-based system. The company was named one of “Canada’s Hottest Innovative Companies” in the 2010 CIX Awards. Locationary was founded by Grant Ritchie, CEO, who together with Dan Servos, COO and Andrew Radin, CTO, leads a highly talented team which is working hard to help companies realize the potential of local search and advertising. Locationary has offices in Toronto, Canada and Palo Alto, California.
# # #