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Livescribe Raises $18.6MM Funding in Q1 2009
Additional $7.5MM Raised Accelerates Growth Plans
OAKLAND, Calif. Livescribe Inc. (www.livescribe.com) announced today the closing of its Series B funding of $7.5 million by Aeris Capital, a private Switzerland-based investment company. Livescribe also secured $11.1 million in its Series A round last month led by Vantage Point Ventures Partners and Lionhart Investments Ltd., raising a total of $18.6 million in funding within the first quarter of 2009.
“In a challenging economic environment, this funding is a strong vote of confidence from our investors, and a significant milestone that supports Livescribe’s growth,” said Jim Marggraff, founder and CEO, Livescribe Inc. “Our Pulse smartpen enables users to instantly recall everything they write, hear, and speak. In fact, in a new survey of Pulse smartpen users, over 72% of respondents told us that Pulse had changed their lives. Our focus in 2009 is to increase awareness of Pulse and put it within reach of millions of online and retail shoppers.”
Key initiatives in 2009 include the launch of an online application store, major domestic and international expansion, and new emphasis on mobile professional needs and feature enhancements to capitalize on rapid early market adoption in this segment.
“The successful close of our Series B funding is a tribute to the quality and performance of our company as well as the huge market opportunity for our platform, especially as we launch our application store in 2009,” said Sasha Pesic, executive vice president of corporate development, Livescribe Inc. “We have a rapidly growing community of over 3,600 developers in 40 countries working on a wide range of high value consumer, educational, and personal productivity applications.”
Livescribe is also broadening U.S. distribution with key retail partners to meet growing demand for its Pulse smartpen platform. To meet international customer demand outside the United States, Livescribe is expanding its business and marketing support into new markets through partnerships in Australia, Korea, Singapore, Malaysia and the United Kingdom.
Since the launch of the Pulse smartpen, Livescribe has also experienced rapid market adoption in specific industries and professions that were initially not targeted by the company. In response to this strong early interest, Livescribe is increasing its focus towards professionals in healthcare, law, journalism, education, and sales.
David Hartford, managing director of Aeris Capital, will be joining Livescribe’s board of directors. Prior to joining Aeris Capital in 2006, David served as an advisor to Aeris Capital for several years, and previously was the founding CEO of Ravenflow.
“In a time when investment companies are closely scrutinizing even some of the most promising start-ups, Livescribe comes across as an obvious winner,” said David Hartford, managing director, Aeris Capital. “The company’s strong management team and proven ability to deliver innovative products that address real customer needs make it a solid investment for our firm.”
Last year, Livescribe enjoyed several product wins, including a Popular Science “Best of What’s New” award and a Popular Mechanics “Breakthrough” award. With the introduction of Livescribe Desktop for Mac software, Livescribe expanded its compatibility for Mac customers and won a Macworld 2009 “Best of Show” award and a MacLife Editors’ Choice award with an “awesome” rating of 5 out of 5 stars.
In a recent survey conducted by Livescribe, 90.6% owners reported having an excellent or good overall experience using their Pulse smartpen. In addition to these surveys, Livescribe is using its company blog and social networks like Twitter and Facebook to connect with users who want to share their experiences. With over 9,200 fans on Facebook (www.twitter.com/livescribe), Livescribe has received thousands of life-changing stories and tweets from enthusiastic owners of the Pulse smartpen.
Located in Oakland, Calif., Livescribe has developed a new low-cost mobile computing platform that enhances productivity, learning, communication and self expression for anyone that uses pen and paper. The Pulse smartpen revolutionizes the act of writing by recording and linking audio to handwriting, so users never miss a word. Livescribe was founded by Jim Marggraff, the inventor of paper-based computing. For more information, visit Livescribe at www.livescribe.com.
About Anoto Group AB
Anoto Group is the world leader in Digital Pen and Paper technology and inventor of the first commercialized Digital Pen and Paper system allowing quick and reliable transmission of handwritten text from paper to digital media. Anoto works with a global network of partners focusing on user-friendly forms solutions for efficient capture, transmission and storing of data for a variety of business segments including healthcare, banking and finance, transportation and logistics, government and education. The Anoto Group has around 110 employees, offices in Lund (head office), Boston and Tokyo. The Anoto share is traded on the NASDAQ OMX Nordic Small Cap list under the ticker ANOT. For more information: www.anoto.com
Source: Livescribe Inc.