Spritz Technology Inc, the startup based in Boston that has come up with a technology that helps develop quick reading skills, is on the way to closing $3.54 million for its seed financing round, TechCrunch reported.

When the startup was known as Spritz Technology Llc, it already secured $1 million for the seed round. The remaining $2.54 million for the firm that now bears the name Spritz Technology Inc has already been pledged and is set to be completed in two weeks. One of the backers of the seed round is Denis O'Brien who made his investment in the startup through Digicel, his telco firm, the report said.

The theory behind the patent-pending technology of Spritz is to quickly stream text at readers a single word at a time so that the eyes won't have to waste time looking at one word to the next, which Spritz describes as the most time-consuming part of reading. This will allow the faster consumption of text, the report said.

To start "spritzing," all that a reader has to do is to choose a the word per minute rate-you can start with 250 wpm and increase that to 1,000 wpm when you become more adept-tap the pay button and just look at the area where that one word appears. The company said their technology is different from that of other rapid serial visual presentation or RSVP software to date.

Spritz Co-Founder and Chief Executive Officer Frank Waldman told TechCrunch, "Other than single word display, we are very different from anything else that's been tried in the past and we think people can see that immediately. Anyone who has tried Spritz knows how fast and easy it is to learn. There is nothing else out there that we have seen where most users can significantly improve their reading speed in less than five minutes."