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Financing will fuel further development of Hover’s unique 3D technology and expansion into commercial and consumer markets
Los Altos (PRWEB) December 12, 2012
Hover Inc., a company bringing advanced computer vision and 3D mapping technology to the marketplace, has secured $3.1 million in seed funding from Almaz Capital, de Anda Capital, McKenna Management and several angel investors, including Maurice Werdegar from Western Technology Investment.
The new financing will enable Hover to rapidly expand its technical team, and exploit new use cases in the commercial and consumer markets. Hover’s unique technology leverages crowdsourced imagery to create and continually update 3D maps. Hover currently provides its 3D technology to the military, homeland security and emergency response markets.
“With the launch of Apple Maps and investments in the space from Amazon and Nokia, there is clearly an appetite for an intuitive, living 3D mapping offering,” said Sasha Galitsky, Managing Partner, Almaz Capital. “We believe Hover is well positioned to capture this opportunity and achieve its goal of making 3D maps easy for anyone to use.”
In addition to securing seed funding, Hover also named Kevin Reilley as CEO. Reilley brings nearly three decades of experience managing growth companies in the technology and data licensing sectors. He most recently served as president of Pictometry, the industry leader in geo-referenced oblique aerial imagery, which is most publicly known for providing Bird’s Eye View photos to Microsoft Bing Maps.
“I am extremely excited to join the Hover team and help it capitalize on the immense market opportunity surrounding 3D data,” said Kevin Reilley, CEO, Hover. “I believe our technology will change the way people interact with the world, providing consumers and businesses with actionable insight about their environment so they can plan, communicate and navigate more effectively.”
Hover is a company dedicated to developing and delivering advanced 3D computer vision and 3D mapping technology to consumer and commercial markets. Founded by a team of former Navy SEAL operators and Silicon Valley computer vision software entrepreneurs and headquartered in Los Altos, CA, Hover’s technology leverages crowdsourced imagery and other sensors to generate and continually augment data. Uniquely capable of fusing disparate imagery sources, Hover generates powerful solutions ranging from commercial and intelligence analytics and planning, to navigation, orientation, and discovery. For more information, please see http://www.hoverinc.com.
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