The company plans to use the new financing to expand its user base and develop new services.
AlterGeo, a Foursquare-like location-based service with more than 700,000 users, currently has Windows and Mac OSX desktop applications, along with apps for all of the major smartphone platforms. Its features include the ability to “check-in” along with reviews and user ratings based on activity. Additionally, AlterGeo provides augmented reality functionality that shows both places and users, visually displaying the distance between them.
Beyond its consumer offering, AlterGeo licenses its location technology to third parties. This includes the ability to aggregate GSM Cell-ID, Wi-Fi and WiMax data to retrieve a user’s location.