Wednesday, February 22nd, 2012 - Thereitis Pty Ltd, an Adelaide start-up spun out of Flinders University, has raised $2,000,000 in angel investment to drive international commercialisation of its revolutionary user interface technology.

The capital raise rounded off an exceptional year for the start-up, which kicked-off a small seed round at the start of 2011.

Since then it has secured a Commercialisation Australia Proof of Concept Grant of $250,000, conducted successful beta trials with online retailers, and won “Best Early Stage Company” at Tech23 in Sydney.

“An angel round of $2,000,000 was an excellent result for the company and gives us a significant runway to take our technology to a global market,” said CEO Guy Sewell.

“We have aggressive growth plans with both our business and consumer product offerings. When our beta period wraps up in June, we will be licensing our technology to ecommerce partners globally.”

Thereitis has attracted global interest for its patented “visual search” methodology, which provides a faster, easier way for online customers to sift through visual data, from shoes to friends to music.

“The technology takes advantage of the brain’s innate ability to search for an item amongst hundreds of other choices – we replicate what you do hundreds of times a day subconsciously and leverage that power online,” Mr Sewell said.

Consumers will see Thereitis in action in a global shopping portal, iOS for iPhone/iPad, and Android applications to manage their data and shop, complemented by a Facebook application, ‘Spaces’.

“Operationally we intend to keep our R&D team based in Adelaide and expand our sales reach globally. Our priority markets are the US and UK, closely followed by Europe and Asia-Pac.”

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