Mobile Acuity Completes Funding Round
- Wednesday, October 28th, 2009
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Mobile Acuity, which specialises in mobile visual search technology, has closed a further round of financing. The funds raised are a combination of a SMART investment from the Scottish government and additional investment from the companys current investors.
The funds will be used to further the development of Mobile Acuity's 3-D recognition technology, an extension of its existing 2D recognition capabilities. The company says this will enable a number of important commercial applications in the areas of visual search, mobile marketing, and mobile commerce.
3-D recognition in the mobile environment is a very tough problem to crack, and we believe that we are uniquely qualified to develop products in this area, says Mobile Acuity CEO, Anthony Ashbrook. It is also gratifying to have that belief validated by the SMART organization in the form of new investment.
SMART grants are government investment funds that are targeted to help companies develop patentable new technologies. In order to qualify for a SMART investment, both the company and its technology has to undergo a rigorous examination and evaluation process by acknowledged industry experts. Investments are made only after these experts conclude that the company has the technical capability to successfully carry out the proposed development, that the results will be patentable, and that the area of research could lead to commercially viable products.
Mobile Acuity has already developed a reputation for innovation by pioneering the field of Mobile Visual Interactivity. Over the past 24 months, the mobile marketing industry has incorporated various mobile visual technologies from Mobile Acuity – such as Image Zoning, Face Finder, and Colour ID in a variety of mobile campaigns. These campaigns have won many awards, including Best Creativity in Mobile Marketing and Most Innovative Use of Technology in Mobile Marketing at the MobileMarketing Awards 2008 and Best In Show at the OMMA Awards 2008.
Mobile Visual Search is the technology that powers mobile applications capable of identifying objects using images captured by the phones camera. Examples of this could include identifying a product in a store to start a price comparison search; identifying a street sign to aid in determining location; or identifying a store logo to get information on current promotions.