Appconomy continues to plow ahead on its mission to map the world’s people, places and things to simplify people’s lives with mobile apps. Apps powered by Appconomy will serve people globally across their daily activities in the physical (non-online) world such as shopping, healthcare, entertainment, and transportation. Our apps are highly local – as local as the products in a grocery store only 5 meters away from you – and contextually aware – knowing what you are looking for and predicting what is interesting to you at any time and place. This is a giant mission, and every bit as big or bigger than Google’s mission “to organize the worlds information and make it universally accessible and useful.” What’s more, we have established an early technology advantage with indoor location services – with highly accurate indoor positioning capability that is independent of the mobile smartphone operating system. This has been a result of some amazing innovation by our team and partners.
Last week, we filed a first closing of our bridge financing, the proceeds of which will enable us to continue to rollout our platform in physical retail formats across China while we proceed to close an upcoming Series B financing. For those that have followed the Appconomy journey so far, you already know about our strategy of launching first in China. This strategy is every bit as big and bold as our mission. My co-founder and colleague at Appconomy, Steve Guengerich, recently wrote about China here, which highlights why we chose this dynamic country for our launch strategy. Doing so has not been easy as a foreign founded company, and the road to foreign founded company success in internet and mobile services in China is paved with many failures.
However, despite these poor odds, we are off to an amazing start. This early success is surely enabled by our strategic alliance with our amazing partner in China, Neusoft Corporation and their incredible talent and leadership team. Our JinJin mobile loyalty product is live at over 90 merchants and 1,000+ locations, and our mobile smart shopper app is live in Shanghai with Carrefour, the world’s second largest retailer to Wal-mart, providing first of its kind indoor location and navigation services that are already “wowing” Carrefour shoppers in Shanghai. The latter is generating compelling consumer engagement metrics and is rapidly attracting the world’s leading fast moving consumer goods advertisers and other major retailers. You can find a very good overview of the emerging traction of our platform in China and the apps it powers at Technode here.
All of this has been achieved on relatively little capital relative to the the size and scope of the mission and strategy of the company and the necessary integration with the physical world, which takes capital and clever partnerships to achieve. We will add further fuel to the fire with capital in our Series B financing and leverage with upcoming strategic alliances.
In the coming weeks and months we have several new announcements on deck as we rollout this platform in China and beyond. Stay tuned to our journey, and Appconomy is coming soon to empower you with the world around you, right in the palm of your hand!