Vasu Led Krossover Raises $3.5 Million In Angel Funding
New York: Krossover, New York based startup that provides easy-to-use data analytics for high school and college sports programs, has announced that they have raised $3.5 million in angel round of funding in 2011. The new round of funding brings their total fund raised till date since 2009 to approximately $4 million.
The funding round was led by private investments from Ken Fox, Managing Partner of The Stripes Group; George Raveling, Director of Nike Basketball International; Greg Cangialosi, CEO of Nucleus Ventures; David Troy, CEO of 410Labs; and other angel investors.
“This wasn't an institutional round, it was an angel round. So all the investors were individuals and I imagine most of them are big sports fans which is why they thought it would be cool to invest in Krossover,” says Vasu Kulkarni, Founder and CEO, Krossover.
The company plans to use the fund entirely on the development side-adding more resources to build new things a lot faster. They have new sport (football) coming up along with a product that is aimed more at players than the coaches.
Krossover is a New York City based startup. It was founded in 2008 by Vasu Kulkarni. The company is a video coordinator that provides sophisticated data analytics technology to the sports world. With an intuitive online platform easily accessible by thousands of high school and college programs, Krossover enables coaches to use video to improve the success of their athletic programs by eliminating the time and financial impediments to managing their filmed content.
“I want to thank Ken, George, Greg and David not just for their financial support of Krossover but also their strategic guidance and enthusiasm for spreading the word about our product. Their support has been vital to our rapid customer growth in basketball, as well as the development of our new vertical offerings, the investments we are making in our video analysis platform and the opening of our New York City office that currently houses 10 employees,” says Kulkarni.
Kulkarni is a former member of the Junior Varsity team at the University of Pennsylvania, who sought to use technological innovation to help coaches and teams win. Prior to this, he held a number of technology and engineering positions. He holds a BS in Computer and Telecommunications Engineering and Entrepreneurship from the University of Pennsylvania.
According to Kulkarni, there are about 200,000 sports teams in the U.S., and probably about 7-10 million youth/amateur athletes that can use their product. Currently the company employees 10 people in the U.S. and about eight in India.
Commenting on competition, Kulkarni adds, “There are a number of companies that sell software to coaches that makes them sit and do all the work of indexing the videos. Most of them are local desktop-based software that doesn't have online accessibility for the entire team. We are the first ones to not only take that model online, but to also remove the concept of the coach having to do the work. Instead, we take care of all the indexing, and they just get to analyze the results.”