Tech startup, MyWave, will be using the $4 million it achieved through capital raising to expand its Melbourne-based software development hub.
The company, which was formed in 2013 by former SAP Australia and North America CEO, Geraldine McBride, plans to double the size of its software development team from 20 to 40 by the end of the year.
McBride said the new capital will be largely devoted to increasing software development resources, but will also fund appointments and partnerships to build sales and implementation resources in the USA and UK required to support new sales currently underway.
MyWave developed an intelligent personal assistant called Frank. Users own and control their personal data, which is kept securely within MyWave’s personal cloud platform.
New Zealand’s Saveawatt, will go live next year with a world-first service using Frank to help households find the best power price and switch providers without filling in forms and having to constantly check the best electricity deals.
Analyst firm, Gartner predicts that by 2016, more than $US2 billion of online shopping will be done through mobile personal assistants.