Arlington, Va.-based LiveSafe has raised a venture round worth $4 million as the company looks to expand its security software business into new verticals, execute a larger marketing plan and for product development efforts. The lead investors in the round were Hearst Ventures and publicly traded media company IAC (IACI), previous backers include CIT GAP Funds. Eve Burton, general counsel of Hearst, will assume a new board seat.
The investment follows the recent appoint of new CEO Carolyn Parent, previously the co-founder of mobile software startup Gravy, which the company officially announced along with the raise on Thursday. LiveSafe's former CEO, once Washington Post executive Jenny Abramson, stepped down in June.
The 31-person company's mobile, smartphone-centric software has been predominantly used by students and faculty in college campus environments. Nearly 100 universities in North America are customers.
LiveSafe vice president Eren Koont previously told DC Inno that the company had recently secured contracts with John's Hopkin's D.C. campus and Kennesaw State University. Early "engagements" are also in motion at University of Richmond, Hampton University and Eastern Kentucky University, Koont added. The other customer vertical, to date, has been private enterprise clients so as to help augment the coverage of their physical security teams. This includes recognizable corporate brands like Cox Communications and municipalities like the City of Vernon.
"To do what I do best, and that is help build teams that scale"
"We see this funding as a means to accelerate our efforts in sales and marketing which will enable LiveSafe to continue expansion in the education and university space as well as acceleration in the business enterprise market," Parent told DC Inno.
LiveSafe's app can be used to notify security and emergency personnel of an incident—whether its a noise complaint, bike theft or something that requires immediate assistance, like an assault—without the need to call or file a report. In essence, the smartphone app improves safety by enabling users to crowdsource intel in realtime, anonymously text relevant tips and to use their device's GPS-location data with requests for help. The idea is to eliminates some of the barriers to communication that are associated with calling law enforcement officials and/or filing a crime report.
"To accelerate our efforts in sales and marketing"
Parent said that LiveSafe's board of directors originally approached her as they looked to grow a presence in the enterprise and corporate markets. "The board approached me with this opportunity to do what I do best, and that is help build teams that scale," she said.
For reference, LiveSafe raised $6.5 million from IAC in March 2014 for a Series A raise.
