A today announcement from venture capital firm Blue Label Ventures informs that it has made an investment in Cape Town-based technology startup Mobii Systems.
26 percent of the South African tech firm is being handed over to the investor in return for the cash needed for it to develop its product and expand its customer base.
The exact volume of the investment is being withheld, but the funding will also help Mobii increase its market share in the South African sports sector. Blue Label Ventures has a taste for disruptive businesses that show potential to break into new markets and achieve international success.
According to Blue Label Ventures’ co-founder Tallies Taljaard, Mobii’s team of engineers have been able to do much with little in hand. With little funding, the startup has been able to build a pair of exciting and innovative applications. Reportedly, the built systems have potential significant enough to go global.
Via the funding, the VC firm will assist the tech business to grow and leverage the opportunities available for its to take its services to new markets. The investor sites that high-performance sporting technology is a global multi-billion dollar industry whose potential is yet to be fully harnessed.
Founded in 2008, Mobii develops an array of custom-design electronic hardware. Led by Roderick Barrett and Richard Hartley, the startup handles large scale applications that can be adapted for similar markets to collect IoT datasets.
The company is well-known for Stratus, a video-based platform and a flagship product currently being used by Rugby South Africa.
The team also developed Mobii Timing technology, which is now operational in France, Switzerland and the United Kingdom, among others. Nevertheless, the developers say they still have a long way to go before they can fully attain a global status.
The startup says that the new investment will enable it to take its performance enhancement technology to the next level. Mobii will be taking its innovations to much broader markets and engage with more prominent global players.
Mobii CEO, Richard Hartley says, “Mobii’s timing and sports analysis technology will be integrated into other new applications in the future. What’s crucial now is being able to access more resources to accelerate the commercialisation of our technology and introduce it to a global audience”.
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