Mobile search platform developer GetFugu Inc. has secured $10 million in funding through a private placement of shares with Hutton International Investments Ltd. It said Tuesday that it so far has received $800,000 in gross proceeds from the commitment.
The West Hollywood company’s “See It, Say It, Get It” technology is a sophisticated search engine for mobile devices that recognizes images, voices and locations.
“We look forward to assisting GetFugu in its expansion efforts, particularly in the substantial Asian market where we believe it will be adopted quickly,” said Hsin-Hau Lu, Hutton International’s managing director.
Hutton International, a Taipei, Taiwan institutional investor targeting small cap companies, received restricted common stock priced at 20 cents a share.
Shares were up 6 cents, or 43 percent, to 19 cents in midday trading on the Over-the-Counter Bulletin Board.
