October 07 / 2011
Young Lithuanian company strikes a deal with Business Angels at the U.S. Silicon Valley
A young IT company Pinevio, established by two Lithuanians, stroke a deal with Business Angels of Silicon Valley (USA), – reports daily „Verslo Žinios“ (Business News).
Photo: www.morguefile.com
One of the founders of Pinevio Daumantas Dvilinskas says that they have succeeded to find investors in the world's largest technology innovation conference Demo Fall 2011 held September 12-14 in Silicon Valley, California. 30 thousand participants had been selected to take part in the conference from 80 thousand the most promising businesses from around the world.
Pinevio founders introduced their social content discovery platform.
"This is a web page, enabling registered users to find information they need from almost all existing social networks – Facebook, Twitter, Youtube, Tumblr and others. Our platform is intended to collect, store and organize user links by their interests and hobbies, as well as to find those with shared interests.
Facebook and most social networks focus on friends, contacts and so on. And our platform is directed towards links and interests ", - says Dvilinskas.
Dvilinskas mentions that Pinevio platform has attracted a considerable attention from investors at the DEMO conference.
"They liked the idea and vision of the product. In less than two weeks following the conference we succeeded in striking a deal with the Voivoda business incubator at Silicon Valley about the initial investment. I think they are interested in us because we are highly motivated and committed to our idea, and have been working at it for 1.5 years. Besides, they liked the product itself. It is quite unique in addressing issues relevant to many social network users, "- said D. Dvilinskas.
Voivoda intends to invest 30 thousand Euros in the Pinevio platform.
"This investment will be used as a start-up fund, helping us to recruit good team and continue product development. The next stage, which will start in 3-5 months, will require about 0.3-0.5 million Euros," - said D. Dvilinskas.
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