NearVerse's core product, LoKast (short for “local-casting”), is a proximity-based mobile social network that automatically discovers users within roughly 300 feet and lets them view and download each other’s photos, videos, contacts, web links and music. The app uses its own internal network to operate without 3G/4G connectivity, enabling use in subways, underground and congested venues where cellular service is unreliable. LoKast supports content sampling (30-second song clips) with affiliate links to iTunes and plans to enable app sharing between phones. The company holds five patents on its proprietary technology and has struck content and promotional deals with music distributors (The Orchard, IODA, Monalis 360) and production companies such as Magnolia Pictures. NearVerse plans an Android app and Facebook Connect integration. The recent seed funding will be used to further develop LoKast and accelerate its connectivity beyond existing carrier networks.

Total raised

$1M

Funding rounds

1

Latest round

Seed

Latest activity

Apr 2010