Ogmento Raises $3.5 Million in Series A Funding From Chart Venture Partners

NEW YORK, May 26 /PRNewswire/ -- Augmented Reality (AR) gaming company Ogmento, Inc. ("Ogmento") today announced the closing of $3.5 million in Series A equity financing to expand development of its AR game platform and operations in New York and Los Angeles. The round was led by Chart Venture Partners with participation from CNF Investments and private investors.

Already a leading company in the burgeoning Augmented Reality gaming space, Ogmento will use the funding to build out its development teams on both coasts. The company will also use the proceeds to expand the core features of its technology as it prepares the release of several game titles in the coming year.

"This investment allows us to expand our operations to support our growth while putting development resources into our own intellectual property," said Ori Inbar, co-founder and CEO of Ogmento. "Chart and CNF bring a strong track record of identifying disruptive technologies early, and working with founders to build strong companies."

As part of the financing, Matthew McCooe of Chart Venture Partners and Joe Del Guercio of CNF will join Ogmento's board of directors, along with founders Brad Foxhoven, Brian Selzer, and Inbar. Cole Van Nice, a partner with Chart, will also join Ogmento's management team directly as COO to help drive strategic planning.

"We're thrilled to have this level of support from our investment partners," said co-founder and President Brian Selzer. "Given Chart's investment activity in hardware and software areas related to AR, they understand the true potential of this technology. Adding a partner to our management team is an exciting endorsement of our business."

Ogmento has already developed interactive Augmented Reality experiences for Penguin Publishing, SAP, Orange Telecom, and PBS. The company is currently producing games in collaboration with leading media, CPG, and sports enterprises and will continue to partner with game developers and augmented reality labs around the world.

"We've been evaluating the fast evolving AR industry for over a year, and believe that Ogmento is uniquely positioned to lead the charge for the industry. It has an incredibly unique mix of mainstream video game industry executives, AR industry thought leaders, and world-class researchers and scientists," said Cole VanNice, a partner at Chart Venture Partners. "We're delighted to be the first VC to provide funding to a company focused on Augmented Reality games, and I'm confident that together we can help Ogmento continue to build on its position as a market leader."

ABOUT OGMENTO

Ogmento was founded in 2009 by industry veterans committed to developing the next generation of video games. Through cutting-edge technology that overlays computer graphics onto real-world environments, Ogmento creates games that let users directly interact with their surrounding environment. The company is currently developing ground-breaking Augmented Reality (AR) content for a range of mobile devices and platforms including iPhone, Android, PC, and traditional game consoles. With founders Ori Inbar, Brad Foxhoven, Brian Selzer, Oriel Bergig and Nate Hagbi and a team of experienced game designers, animators, and award winning PhD scientists, Ogmento is ideally positioned at the epicenter of the Augmented Reality industry. For more information please visit http://ogmento.com.

SOURCE Ogmento, Inc.