Unique Solutions Design Ltd., whose scanning technology helps people select the best-fitting clothes, has issued the following press release:
Me-Ality is Oversubscribed for $15 Million Equity Private Placement and Welcomes Seasoned Executive and International Economics Expert to its Board of Directors
SANTA CLARA, Calif., Jun 08, 2015 (BUSINESS WIRE) -- Unique Solutions Design Ltd., (Me-Ality), developer of the only scanner technology able to take precise body measurements while a person is fully clothed, and owner of the world’s largest database of body dimensionality, is pleased to announce the completion of a $15 million equity private placement. The funding exceeded the initial $10 million target by $5 million and was co-led by Me-Ality’s largest institutional investor, Northwater Capital Management Inc., and new Director, Skip Battle. The new funding will provide working capital for ongoing operations including the commercialization of the company’s proprietary handheld body scanner in international markets.
Skip Battle is Chairman of the Board of FICO (Fair Isaac Corporation), a Director at Netflix Inc., Workday, Expedia and LinkedIn. Prior to its recent sale, he served on the Board of OpenTable. Skip is a former partner of Andersen Consulting LLP (now Accenture) and was Worldwide Managing Partner of Market Development. Skip served as CEO as Ask Jeeves from 2000 to 2004 and as Executive Chairman from 2004 to 2005. He was on the Board of Directors at PeopleSoft from 1995 to 2004, was previously a director at Advent Software and Barra. He has served as a Board Member and Trustee at a number of educational and non-profit organizations. He is a Senior Fellow at the Aspen Institute and holds an MBA from the Stanford Graduate School of Business and a BA in Economics from Dartmouth College.
Unique Solutions also welcomes a new board member, Peter Reiling. Peter is Executive Vice President for Leadership at the Aspen Institute where he is building out a global network of some of the world's leading business entrepreneurs. Prior to joining the Aspen Institute, Peter was President and CEO of TechnoServe, advising small to medium-sized businesses in Latin America, Africa and Central Europe. He is co-founder of the Aspen Network of Development Entrepreneurs and currently serves both as Chairman of the Central America Leadership Foundation and as a Director of Georgetown University’s Beeck Center for Social Impact and Innovation. A former adjunct professor at Columbia University, Peter is a member of the Council on Foreign Relations and was named "Outstanding Social Entrepreneur" by the Schwab Foundation in Geneva. He is a graduate of Georgetown University (BSFS) and the University of California/Berkeley (MBA).
Chairwoman Tanya Shaw said: “I have had the pleasure of working with both Skip and Peter at the Aspen Institute and their vast experience will add valuable perspectives to our Board of Directors.”
Me-Ality CEO Tuoc Luong said: “I have had the good fortune to work with Skip in the past. Skip’s experience, energy and wise counsel guiding new technology companies is going to be a great asset to our company’s future. His commitment to Unique, as a Director and his substantial investment in our company are matched by my own excitement as we prepare to commercialize our handheld body scanner. Northwater’s investment through their Intellectual Property Fund reflects their sophisticated understanding of our technology and its potential in multiple business verticals!”
The application of Unique’s body measurement technology and body dimension data, have far reaching impact in several industries. In the clothing industry, Unique’s size-matching technology, Me-Ality, matches body dimensions to clothing specifications, taking the guesswork out of size selection for consumers and uniform buyers.
About Me-Ality/Unique Solutions Design Ltd.
With offices in Santa Clara, Philadelphia and Halifax, Me-Ality has patented and IP protected body measurement software and scanner technology that has been used to create the world’s largest database of body measurements. This one-of-a-kind database provides an unparalleled opportunity to analyze segmented data allowing Unique’s business partners to target customers with Personalized Product and Service Recommendations. Partners can use Unique’s aggregate body dimension data to analyze macro consumer trends, behaviors and demographics in a way that was previously inconceivable. Unique’s initial strategy focuses on solutions that address the apparel industries’ multi-billion dollar clothing return problem. Unique’s database has been used to develop two sophisticated online sizing solutions and offers the only genuine Omni-Channel fit solution. Unique’s body dimension I.D.’s have application in several industries including health, fitness, insurance, ergonomics and gaming. For more information about Me-Ality/Unique Solutions Design, Ltd., please visit http://www.me-ality.com.
Disclaimer: The owners of Entrevestor invested in Unique Solutions before beginning this news service. You can find a full report on this funding here.
