Liz Eversoll has a passion for building businesses with great teams, strong vision and disruptive potential. Today’s “In the Spotlight” video from PitchBook TV features Eversoll and the story behind her latest business, SOLOMO Technology, developer of an indoor-location tracking and content platform.
I’m the CEO and founder of SOLOMO Technology. We’ve been in business about 2 ½ years and we built a technology platform that will do indoor-location tracking and personal identity management. So as you’re walking through an indoor location we can provide you content or information based on who you are and where you’re at. So for example in this conference facility we could detect that you’re in front of Madison Ballroom B and provide you information about what’s happening in Ballroom B. And then as you move to Ballroom C, we can provide you content based on that location as well.
Can you go into a little bit about how the technology works and how it was developed originally?
My background and the background of our management team is really in enterprise [software], so it’s a B2B platform intended to help enterprises implement these technologies, which can be a little bit “Big Brother” or sort of scary. They don’t want to violate trust and they want to make sure it’s secure and private. So we built the platform with those tenants in mind. And then enterprises can feel comfortable in promoting those technologies and giving the consumer the ability to opt out, to manage their tracking and to manage the information that they exchange.
What about the background of some of your employees? What kinds of people are you hiring and where are you hiring from?
We have about 33 employees. Our management team is very senior. I’ve worked with many of them in the past. They come from places like Microsoft, Oracle, CDW or Weather Central. A lot of our technical team is out of the University of Wisconsin system, so either Madison or Eau Claire, some of the computer science programs there. We work closely with the university system and we have internship programs, with eight interns on board for our fall internship. And then we work with many of the professors for special projects like data analysis or business case development, things like that.
I hear you guys recently raised a pretty substantial round. I was wondering if you could go into the process that you went through and your pitch and the process that you went through to receive that funding?
We did an initial angel round of about $500,000 about a year and a half ago. And that was made up of many of the Wisconsin angel groups that helped lead that round or syndicate that particular round. And then June of this year (2013) we did a Series A raise of $1.5 million and that was led by two investment groups here in Wisconsin, and I think all of our investment money has come out of Wisconsin. Some of our board members are out of state and so they’ve invested as well. The process is really lengthy. For an angel round, you can certainly make connections, and get help from family and friends. When you get to a Series A round it’s really important to get a strong lead that can sort of help corral all the investors. It’s easier for the lead investor to make requests of the other investors than it is for the entrepreneur to do that. We were fortunate to have a good lead for our particular round and that helped tremendously. And then we matched those funds from the Wisconsin Economic Development Corporation with some loans and also worked with the Madison Development Corporation for some venture debt funding. So in total we’ve raised about $2.3 million dollars in funding.