ComQi Announces New Funding, Credit Line
February 1, 2012 by Dave Haynes
It was always expected that the software companies in this over-space were either going to have to have rocketing growth to start dominating the market, or choose a specialist area and differentiate itself that way.
I don’t think ComQi is a high-flyer in terms of growth nor is it set up that way, so it looks the company that blended hardware and software and two very different cultures last year is going after differentiation – in this case retail and mobile integration.
The company now calls itself an in-venue multichannel message management company (there’s a mouthful) and has announced today an injection of new investment capital and a $3m credit facility from Square 1 Bank.
The new funding will be used to further develop ComQi’s multi-channel mobile platform, enhancing its streaming distribution products to leverage the growth of IP Connected displays in the marketplace and continuing to expand its distribution reach.
“We are very pleased to receive this new investment which allows us to continue our rapid growth and continue to develop products to suit our customers’ needs in this rapidly developing market. With their flexibility and attention, we truly received a unique banking experience with Square 1 Bank. They listened to our needs and supplied a creative and customized term sheet that met the strategic goals of our company,” said Ajay Chowdhury, ComQi’s CEO.
Brad Ellis, SVP and Managing Director of Square 1 Bank’s Venture Banking division said, “ComQi is developing some unique multi-channel message management products for the rapidly growing out of home signage and messaging market. We look forward to further supporting the developments of the company.”
All of ComQi’s existing investors – Jerusalem Venture Partners (JVP), Wellington Partners, Amadeus Capital Partners and Aviv Ventures – were involved in the new funding round.
ComQi recently announced a series of tools – in what it called Interaction Manager – that allow networks to power mobile engagement tactics. And ComQi is showing off its Shazam integration at ISE, as well as the goofy delayed mirror thing.