CIT GAP Funds Invests in Speek Inc.

Company founders want to simplify and re-invent the conference call

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend
CIT GAP Funds

Center for Innovative Technology GAP Funds

Herndon, VA (PRWEB) September 13, 2012

The Center for Innovative Technology (CIT) today announces a $100,000 investment in Sterling, Va.-based Speek Inc., a simple and groundbreaking alternative to conference calls for both web and mobile users.

CIT President and CEO Pete Jobse said, “For businesses looking to cut travel costs, and small businesses whose budgets do not allow for travel, Speek offers an alternative solution to connecting people remotely in a more personal way than is currently on the market. Their innovative solution is changing this marketplace, and those are the types of companies in which we invest.”

Conference calling is a $3.2 billion market, generating over 56 billion minutes of usage. Traditional conference call providers offer services that are expensive for small business users, rely on long phone numbers with PINs and lack easy-to-use web interfaces. Current popular web conferencing solutions are not user-friendly and often require software downloads.

The opportunities for Speek are endless. As a SaaS web-based product, Speek requires no downloads, and is more affordable than the competition. Speek offers a “conference table” visual experience that allows participants to see who is on the call and who is currently talking. Additional features include note taking, file sharing and muting certain speakers. The mobile experience offers the ability to seamlessly join a conference call with a “click” or a simple text message.

Speek CEO John Bracken said, “We intend to simplify and reinvent the user experience for conference calling by turning a complicated telephone-based service into one that is simple, free and in-tune with the latest generation of web and mobile experiences. The CIT GAP Funds team has been a difference-maker for our young company, allowing us to further raise capital, build out our product and accelerate our growth.”

Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, “Investing in companies like Speek is an investment in the emerging technology sector that will generate long-term economic growth and jobs for Virginia.”

Since its 2005 launch, CIT GAP Funds has placed over 70 investments across the Commonwealth, deploying greater than $6 million of public funds and attracting over $80 million more in private funding. For a list of portfolio companies, please visit the GAP Funds website.

To learn more about Speek, please visit their website.

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.

About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources.


Contact