Thursday, January 12, 2012

PlatformQ pulls in $2.4M in Series B funds

By Rodney H. Brown

PlatformQ LLC, a provider of technology to allow organizations to hold virtual events online, has taken in $2.4 million in a Series B financing round, according to a regulatory filing.

Needham-based PlatformQ said in the filing with the U.S. Securities and Exchange Commission that $1.2 million of the round was Series B-2 stock first issued in February 2011, and the remainder was B-3 stock first issued in late November 2011. The proceeds will be used for normal business operations, the company noted in the document.

In total, there were nine investors in the new Series B round, although the SEC filing did not disclose their names.  PlatformQ raised $1.2 million in its B-1 round of financing in late 2009, according to the SEC. In total, the company has raised approximately $6 million in funding since it was founded, including a $2.4 million initial round in May 2007.

PlatformQ, founded in 2007 by CEO Robert Rosenbloom, offers events online, often under banner platforms it operates such as CollegeWeekLive, CardioCareLive and Virtual Energy Forum. Recent virtual events listed on its website include ones for the University of Alaska, Holy Names University and a virtual summit on prostate health. It has partners that help it with the three event platforms: The U.S. Department of Education participates in CollegeWeekLive; Johns Hopkins University in CardioCareLive; and the U.S. Department of Energy in the Virtual Energy Forum.

In a 2008 article, chief operating officer (then vice president of product development) Chris Charron said, “We looked at a lot of markets and decided to focus on global education, the environment and health care.” 

Rosenbloom did not return a call for comment immediately this morning.