Lynq Announces $1.9M Seed Round
NEW YORK, NY, Lynq has announced that it has closed a $1.9 million seed round of funding.
The round was led by New York based venture fund Plus Eight Equity Partners with participation from ARC Angel Fund, Angel Investor Forum and other strategic angels.
A pioneer in decentralized location, Lynq's peer-to-peer technology allows individuals and groups to locate each other anywhere in the world and works independently of phones, cell networks, Wi-Fi and maps.
Rugged and waterproof, Lynq is reliable under extreme conditions and can support up to 40,000 units in a small area without interference.
"Lynq works where nothing else will. Their initial product is the first step in building out the most comprehensive and reliable location solution on the market. ARC is excited to be a part of this bold journey," said Joe Rubin, founding partner of ARC Angel Fund.
A B2B2C rental rollout will be followed by direct to consumer sales towards families and outdoor enthusiasts as well as government use.
Successful betas at Telluride and other ski resorts have resulted in a net promoter score of 60 with strong buyer intent. Additional betas are scheduled for this summer at leading theme parks and festivals while the technology is also under evaluation for use in disaster relief, search and rescue, and stealth operations.
August Home CEO and Lynq strategic advisor Jason Johnson said, "As my 8-year-old starts summer camp in San Francisco, I'm a little nervous. He's too young for a phone, but with a Lynq on his belt, I know that he's safe."
"Nearly everyone has experienced the immediate feeling of anxiety the moment they lose their friends or family, particularly younger kids," said Dave Shor, CEO. "In humanitarian aid and disaster relief efforts, that anxiety is magnified exponentially and every moment counts. Saving lives is one of the core missions of the company."
"Lynq is breaking new ground with their technology and vision to evolve it. As excited as we are by their beta early results, it is just the tip of the iceberg of what's coming in the near future," said Rishi Patel, Managing Partner of Plus Eight Equity Partners.
Rishi has joined Lynq's board of directors along with MIT engineer-turned-media expert Shauna Mei. Mr. Patel has executed over $11 billion in mergers and acquisitions and financing transactions as a former investment banker on Wall Street while Mei is the founder of e-commerce platform AHAlife, growing the company to serve 187 countries with an IPO in 2015.
Founded in October of 2014, Lynq is an alumnus of HAX, the world's first and largest hardware startup accelerator based in Brooklyn, New York.
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