Halifax-based LifeRaft, whose platform uncovers potential threats through social media posts, has closed a $2 million round of financing, including a $1.4 million investment from an unnamed strategic investor from outside the region.
Launched in 2014, LifeRaft identifies threatening keywords, such as “kill” and “gun,” on social media sources like Twitter, Facebook and YouTube. It filters the findings so only the most important information is communicated to the client. Once Liferaft’s clients have been alerted about someone using suspicious terms, they can drill into any post to better understand the context of an individual’s comments.
LifeRaft said in a statement this morning its shareholders had approved a $1.4 million strategic investment from an organization it would only describe as a “major international partner.” The company also said a small group of independent investors also put money into the company, raising the total round to $2 million.
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The investment will allow LifeRaft to accelerate its growth strategy and to hire more people in its sales, customer support and development teams in Halifax.
“This investment from an active strategic partner is a testament to the power of our technology and the exceptional potential it represents,” CEO John Gallinaugh said in the statement. “It also demonstrates the confidence placed in our team’s ability to deliver.”
He added: “These funds will help grow our presence in the North American market and invest in new hires to build out our team and prepare the company to accelerate our growth.”
Previously, the company had secured a $700,000 round of seed funding from angel investors, complemented by $270,000 in funding from the Atlantic Canada Opportunities Agency.
Last April, Liferaft said it had more than 100 users in various jurisdictions either piloting or actively paying for the platform. LifeRaft said its users are mainly within post-secondary education and law enforcement, and that it has resellers throughout Canada, the U.S., the United Kingdom and Australia.