University of Illinois at Urbana Champaign has secured investment in a seed round.
Rithmio, a spin-out of the University of Illinois at Urbana Champaign, has secured $650,000 in a seed funding round. The round included Illinois Ventures, an early stage investment fund of the University of Illinois system, and was led by Marcin Kleczynski, chief executive of Malwarebytes.
The round further included Techra Investments, Hyde Park Venture Partners, Serra Ventures, BonaVentura, Fox Ventures and unnamed business angels.
Rithmio is commercialising research by Adam Tilton and Prashant Mehta, and is hoping to have third companies built its gesture recognition into their products such as smartphones and wearable devices. According to the company, its software is able to learn new user-defined gestures in six to ten seconds.
The money will be used to push ahead with operational and technical development.
Adam Tilton, chief executive and co-founder at Rithmio, said: “We are incredibly energised by the support we have received. We plan to utilise the funding to expand our product team with additional web and mobile developers. Additionally we will ramp up our new business and marketing programs.”
