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BeaconStream, an Arizona-based proximity-based mobile marketing and advertising platform based on Apple’s iBeacon technology with a development centre in Bengaluru, is planning to raise $2 million in Series-A funding in the next three months, according to its chief executive officer Venkat Nallapati.
“The proposed funds will be utilised to hire key sales team and grow the business. This includes adding 15 resources in India and 10 in the US during the current calendar year,” he told Business Standard.
Established in 2014, BeaconStream had so far raised $500,000 to develop and launch the product. BeaconStream is a mobile marketing platform that uses the latest iBeacon technology to turn useful data into insight and results. The startup has started its sales process in January 2015 and established a pipeline of 25 customers, mostly in India and the US.
A Beacon is a small device that transmits a signal to a smartphone, letting it know its proximity to the Beacon. Beacons transmit via Bluetooth Low Energy, which lets the communication occur without significantly impacting the battery life of the phone.
An app on the phone interprets the Beacon information, and then retrieves content relevant to the user, such as a coupon to a nearby restaurant or step-by-step directions to the nearest restroom.
“We are primarily targeting the retail space, banks and insurance companies with BeaconStream Android and iOS apps. There are the areas we are getting most of the traction from,” Nallapati said.