A Tustin-based company that’s combined augmented reality and cognitive computing for use in enterprise and business applications raised $1.2 million in early-stage funding from strategic partners, high net-worth individuals and local investors.
Meridian describes itself as a cognitive mixed-reality platform company, as it takes augmented reality on a connected mobile device and mixes it with artificial intelligence to create what it says is “intelligent virtual experiences that work to solve real business issues.”
Augmented reality is an aspect of virtual reality that overlays computer graphics, information or animation onto a real-world environment.
Using its intellectual property, Meridian created core technology that businesses license. Meridian helps the companies build branded apps that it may or may not manage for them. The apps are geared toward marketing, sales and business processes, as well as hi-fidelity training simulations for the medical industry.
Its clients include Orange County-based Edwards Lifesciences Corp., which it helped create simulation solutions around the SAPIEN 3 transcatheter heart valves.
Meridian founder and Chief Executive Robert Brown said the company sets itself apart from other augmented reality companies because it’s not creating “novelty entertainment-type 3-D content typically seen from the industry” but using the technology to “create highly contextual experiences that better communicate … how products work, simpler ways to shop, and easier ways to discover things merely by holding up a mobile phone or tablet to what customers are looking at.”
Another part of its platform is technology for the Internet of Things, the inter-networking of physical devices, vehicles, buildings and other items embedded with electronics, software, sensors and network connectivity that enable the objects to collect and exchange data.
“We can read these things and use them to generate information, experiences, simulations, etc,” Brown said.
Meridian will use the funding to hire more staff, including engineers, as well as to pursue new technologies and expand into global markets. The company launched in mid-2015.
Funding Quests
• Newport Beach-based Sessions West Coast Deli seeks to raise $1.2 million to complete its plan for three new locations.
It already has two, and its third is scheduled to open in October in the Woodbridge area of Irvine. The next two locations are on tap to open next year in the new Yorba Linda Town Center and in downtown Los Angeles.
The company has already raised $500,000 from local investors that it used to open its first two locations on the Balboa Peninsula and in downtown Huntington Beach, Partner Beckham Thomas said.
Sessions West Coast Deli makes sandwiches from scratch and uses locally grown produce per its website.
• Aliso Viejo-based Massage Robotics is seeking $1 million. The company is developing a life-size robot masseur for the $12 billion massage market. The goal is to get the robot into the company’s own massage spas; commercial and government facilities; and private residences. The funds would be used to complete the robot via more software and hardware. It’s been self-funded so far, Vice President of Business Development Sean Mackin said.
• Newport Beach-based Island EV is looking for $1 million for operating expenses. The company designs and builds classic cars based on the 1950s Jolly vehicles. Founder Andrew Sneath reimagined them as electric cars and added the E for electric—JollE. The money would help the company complete its first 10 orders. It’s been self-funded thus far, Sneath said. The JollE ranges from $32,000 to $54,000. Price depends on range, charger size and wicker seats, Sneath said.
• Newport Beach-based My Mobile Watchdog is seeking $2.5 million. The company devised a platform with security and control features for parents. It enables users to access their children’s text messages, contacts and call history, and lets them block inappropriate apps and websites. It also enables parents to locate their children based on GPS tracking from a wearable device that’s scheduled to be released soon, Chief Executive Robert Lotter said. The device would allow parents to locate, text or call their child and allow children to text or call only family members.
The company would use 75% of funds raised on marketing and 25% on operations, Lotter said.
Bits & Pieces
Edyza signed a three-year lease for a new 2,500-square-foot office in University Research Park at 5251 California, a building owned by the Irvine Co. It plans to hire about six people with experience in mechanical and electrical engineering, computer science and machine learning, Chief Executive Atul Patel said. Edyza devised a way to connect sensors and controllers at high densities with an Industrial Internet of Things application. … Newport Beach-based CapStack West partnered with Irvine-based Cerius Executives. CapStack West is a private social community portal providing companies access to a variety of financing options. Cerius Executives places full-time and interim chief executives.
