TextPower Inc closes oversubscribed Series A round with USD 525,000

By IVCPOST Staff Reporter

Oct 17, 2013 11:07 AM EDT

TextPower Inc completed its Series A financing round with USD 525,000 in investments. Tech Coast Angel's ACE Fund and other angel investors from Orange County participated in the oversubscribed round. TextPower Executive Chairman and Co-Founder Mark Nielsen said the proceeds would be used to improve their sales and marketing efforts.

He said, "We will use the investment to enhance our sales and marketing in the utility and enterprise areas for our SmartAlerts, as well as growing our website security business. We have established the company as the go-to source for reliable, instant communication between utilities and their customers."

TextPower provides text messaging software solutions for utility companies, academic institutions and municipal governments. Their SmartAlerts platform allow utility firms to inform subscribers through text messages information about conservation, usage, outages and status of prepaid meters. Municipalities, meanwhile, have already used the TextPower platform to receive reports about potholes, graffiti or storm damage. This had allowed governments to improve the efficiency of their operations and save on expenses.

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