NEW ORLEANS, Nov. 20, 2015 /PRNewswire/ -- LISNR, the
creator of SmartTones, a new communication protocol that sends data
over audio, recently announced that it closed $10 million in Series B funding. The company's
founder attributes participation PowerMoves@Detroit sponsored by
Morgan Stanley as a flashpoint in the startup's growth.
PowerMoves@Detroit is a program of PowerMoves.NOLA, a national
initiative to increase the number of venture-backed, high growth
and high tech companies in the United
States led by entrepreneurs of color. In Detroit this past April, LISNR founder and CEO
Rodney Williams and other nationally
recruited entrepreneurs of color participated in venture capital
pitch competitions, vying for cash prizes and a chance to raise
their visibility to investors. LISNR was awarded the first prize
and $40,000 in the Series A Morgan
Stanley Power Pitch Competition.
Williams said, "This has been an incredible year for LISNR that
was significantly accelerated by PowerMoves.NOLA and our win in
Detroit. We always believed we had
an incredible team and technology but we knew we needed a stage. We
needed a stage to showcase and teach, and we knew the opportunities
would follow. PowerMoves.NOLA and Morgan Stanley gave us that stage
in Detroit. Within the five months
post that event, we met Intel, validated our technology and they
led our Series B closing at $10
million. It's an absolute pleasure to share in mutual
partnership and admiration with Intel. Thank you Morgan
Stanley."
Morgan Stanley is a Presenting Sponsor of PowerMoves.NOLA and
sponsored PowerMoves@Detroit.
"It was our privilege to partner with PowerMoves and provide
LISNR the opportunity to gain market exposure that helped the
company expand. We not only seek to bring capital, relationships,
and opportunities to leading emerging companies, but also provide
our clients the opportunity to invest in these companies,"
said Carla Harris, Vice Chairman, Global Wealth Management,
Managing Director and Senior Client Advisor at Morgan Stanley.
Based in New Orleans,
PowerMoves.NOLA is creating the necessary local, regional, and
national infrastructure to attract new capital, increase investment
opportunities, and generate comprehensive support for early stage
entrepreneurs of color. LISNR was nationally sourced by the
organization to participate in PowerMoves@Detroit and the
organization's annual national conference in July 2015.
"We vet hundreds of entrepreneurs of color each year, and LISNR
immediately stood out as a viable business model," said
Earl Robinson, the president of
PowerMoves.NOLA. "I am delighted that, through the support of
Morgan Stanley, we were able to offer this startup a springboard to
accelerate its success."
About LISNR
LISNR is the creator of SmartTones, a new
technology that sends data over audio. LISNR uses an inaudible
digital sound file to turn any device into a beacon. LISNR gives
brands and content creators a platform that delivers second-screen
experiences and proximity-based messaging. For more information,
visit http://www.lisnr.com.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a
leading global financial services firm providing investment
banking, securities, wealth management and investment management
services. With offices in more than 43 countries, the Firm's
employees serve clients worldwide including corporations,
governments, institutions and individuals. For more information
about Morgan Stanley, please visit www.morganstanley.com.
About PowerMoves.NOLA
PowerMoves.NOLA is a national
initiative to increase the number of venture-backed, high growth
and high tech companies in the United
States led by entrepreneurs of color. PowerMoves.NOLA is
deploying innovative ideas, fresh approaches, and an overall
commitment to equity and diversity as a growth strategy to address
the generational obstacles that prevent inclusive
entrepreneurship.
PowerMoves.NOLA is made possible through the generous support
of Chevron as Founding Sponsor and Morgan Stanley as Presenting
Sponsor. Other major sponsors include the Knight Foundation, the
Minority Business Development Agency (MBDA), Entergy, IBERIABANK,
Liberty Bank, U.S. Small Business
Administration (SBA), and ESSENCE Festival® presented
by Coca-Cola®.
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SOURCE PowerMoves.NOLA