10/30/13 – Official Lumate Press Release
Interest in AdTrade and AdMotive drives company growth
ST. LOUIS, MO – October 30th – Lumate, a context-driven mobile advertising platform, announced a funding milestone today. The St. Louis based startup company has raised $450,000 from the Missouri Technology Corporation’s Missouri TechLaunch program and from a Small Business Administration 7(a) Express loan from First Community National Bank. The announcement coincides with Lumate’s office space expansion to the Technology Development Center on the campus of Missouri S&T in Rolla, MO. Lumate’s headquarters remains in T-REX, a downtown St. Louis incubator.
“We have been working hard and are so excited to be moving this fast. Support like this is what drives the explosive growth of our regional startup scene. We look forward to working with our new S&T hires to expand our amazing services” said Michael Orlando, President at Lumate.
Lumate is using the funding to open an office at Missouri S&T and hire ten part-time students. After coaching and training the students as developers, Lumate will look to transition them to full-time positions.
“Working with Lumate was great! They were on top of their business model and very knowledgeable about the industry. We saw the great potential they had to offer and worked with them on getting approval from the SBA to back our loan. They made believers out of us at an early stage, when typically funding can be more difficult to obtain. We are confident that they will be very successful going forward!” Adam Housewright, Vice President at FCNB.
“We are very pleased to have Lumate back on campus, not only will the company serve as a experiential learning opportunity for our students, but the success of Lumate serves as a model for new emerging students leading businesses in our student business incubator, says Keith Strassner – Director of Technology Transfer and Economic Development at Missouri S&T. “Michael, Quentin and the entire staff of Lumate have already given back to the University acting as mentors and role models for our students. Its exciting to be a small part of their early success, we know much more success is in their future.”
About Lumate
Lumate enables advertisers to reach their intended audience. Lumate’s AdTrade™ product serves the rich audience data needs of the mobile advertising supply chain. Geo-location and Real-time Bidding technologies, in conjunction with first and third party data, bring effective audience targeting capabilities to ad networks, ad agencies, media buyers, and self-service advertisers in a privacy compliant manner.
Founded in 2008, Lumate is an Arch Grants awardee, Capital Innovators accelerator program graduate, and Missouri Technology Corporation TechLaunch recipient. Lumate is headquartered at the downtown St. Louis TREX business incubator, with a branch office in the Technology Development Center on the campus of Missouri S&T in Rolla, Missouri.