CI adds $500K to mobile travel guide app firm

By Mass High Tech staff

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Connecticut Innovations Inc., the quasi-public agency responsible for technology investing and innovation development, has invested $500,000 into Norwalk, Conn.-based Interactive MOBILE @dvertising Inc. (iM@). The CI backing, part of an $800,000 investment that included individual investors, came from CI’s Seed Investment Fund.

As part of the funding, CI director of investments Anil Vasagiri will join iM@’s board of directors.

Founded in 2008, iM@ develops “geo-intelligent” mobile visitors’ guides for travel destinations in the U.S. It provides information on dining, accommodations, transportation, shopping and attractions via its free mobile application and mobile website.

In January, Connecticut Innovations released a report indicating that the 20-year-old authority has brought about a $23.80 return — measured in impact on the state’s gross domestic product — on each dollar invested in local companies. The research was conducted by the Department of Economic and Community Development and looked at investments from fiscal year 1995 through FY 2008.

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