BOSTON, MA, Retail indoor location company, today announced that it has closed a $3 million Series A round of funding.
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ByteLight, the retail indoor location company, today announced that it has closed a $3 million Series A round of funding from institutional and individual investors including Flywheel Ventures, Motorola Solutions Venture Capital, the eCoast Angel Network, Sand Hill Angels and Google's Don Dodge. The company will use the new investment to accelerate growth in the retail sector and platform development.
'Sub-meter accuracy has long been the holy-grail for retailers experimenting with indoor location,' said Dan Ryan, co-founder and CEO of ByteLight. 'With ByteLight, retailers finally have the opportunity to install a wall-to-wall solution that just works. This investment round will allow us to accelerate deployment of our solutions to a growing list of retail partners.'
ByteLight is currently piloting its indoor location solutions with global retailers, including three of the top ten. Benefiting from ByteLight's market leading accuracy, low cost of infrastructure and universal device support, these retailers can deliver mobile coupons and redemptions to customers when they are at critical points in the buying cycle - directly in front of products or at checkout. Instead of blindly sending mobile promotions or loyalty offers to every customer, ByteLight tailors to each customer's location and shopping history. This level of personalization creates a unique in-store shopping experience that drives sales and increases customer satisfaction.
'Brick-and-mortar retailers are demanding new solutions that can leverage digital assets within physical store locations to engage and retain customers,' said Don Dodge, Developer Advocate at Google and a leader in the indoor location space. 'ByteLight's indoor location solutions assist retailers with delivering hyper-targeted information and content to costumers on mobile devices within their stores based on the device's precise location. More importantly, these solutions fully integrate physical commerce with eCommerce to give retailers an 0mnichannel offering.'
'We're excited to bring on an elite group of institutional and strategic investors as we pursue the indoor location opportunity,' said Dan Ryan, ByteLight's CEO. 'Their investment and market experience, combined with our market-leading technology, will accelerate the adoption of our solution with retailers.'
ByteLight is revolutionizing indoor location. ByteLight's market-leading software solution leverages lighting infrastructure within retail outlets and large venues to deliver unprecedented indoor location accuracy and responsiveness. This enables venue owners with the ability to offer information, redemptions, maps and services to people at precise locations within their buildings. For more information, visit: http://www.bytelight.com
About Flywheel Ventures
Flywheel Ventures focuses on seed-stage and early-stage companies with solutions that address key global challenges in digital services, infrastructure technology, energy technology, and water technology. Flywheel works with each entrepreneur to grow their company in a capital-efficient manner by focusing on a 'beachhead' market, often overseas, leveraging the firm's formal Global Advisor network and informal network of worldwide experts. For more information, please visit http://www.flywheelventures.com/index.php
About eCoast Angels
eCoast Angels Network focuses on early-stage companies involved with advanced technology, e-commerce, healthcare, and industrial products and services, principally located in the northeast coastal region. In addition to investing through the eCoast Angels Network, members of the group also co-invest with other Angel Groups or individually. For more information, please visit http://www.ecoastangels.com.