Krossover Raises $3.5M In Angel Funding

Krossover said it raised $3.5 million in angel funding last year in a deal led by Ken Fox, managing partner of the Stripes Group; George Raveling, director of Nike Basketball International; Greg Cangialosi, CEO of Nucleus Ventures LLC;, David Troy, CEO of 410Labs; and other angels. The funding brings the capital raised by the sports analytics company to approximately $4 million since 2009.

PRESS RELEASE

KROSSOVER COMPLETES 2011 ANGEL FUNDING ROUND, RAISING $3.5 MILLION

Innovator in Sports Data Analytics for Basketball Expanding into Lacrosse, Football and other Markets Beginning 2012

New York, NY – February 28, 2012 – Krossover, the innovator in providing affordable, easy-to-use data analytics for high school and college sports programs, announced today it raised $3.5 million in angel funding in 2011. The new funding brings Krossover’s total capital raised to approximately $4 million since 2009.

The financing round was led by private investments from Ken Fox (Managing Partner of The Stripes Group), George Raveling ( Director of Nike Basketball International, former head basketball coach at USC), Greg Cangialosi (CEO of Nucleus Ventures LLC, former CEO of Blue Sky Factory), David Troy (CEO of 410Labs and creator of  Shortmail.com and Twittervision.com) and  other angel investors.

“I want to thank Ken, George, Greg and David not just for their financial support of Krossover but also their strategic guidance and enthusiasm for spreading the word about our product,” said Vasu Kulkarni, founder and CEO of Krossover. “Their support has been vital to our rapid customer growth in basketball, as well as the development of our new vertical offerings, the investments we are making in our video analysis platform and the opening of our New York City office that currently houses 10 employees.  The ongoing support for Krossover validates our vision of providing high school and collegiate sports teams with a sophisticated yet intuitive online platform for analyzing their game footage.”

Accessible from a PC, iPad or iPhone, Krossover offers a comprehensive and affordable video analytics platform that breaks down and indexes video and gives all of the statistics needed to analyze a team’s or specific player’s performance across a variety of offensive and defensive categories. Krossover is the first and only digital tool that addresses the time, cost and competitive impediments to using game film for coaching and preparation, and has helped revolutionize the way 500-plus high school and college basketball teams utilize game footage, including the University of Kentucky and the Springfield Armor of the NBA Development League.

The Company recently entered the lacrosse vertical, with over 75 college and high school programs already signed up for the 2012 season, including Princeton, Georgetown and the University of Pennsylvania (UPENN)  among prominent Division 1 programs, and top high school squads such as Darien (CT), Boys Latin (MD) and Newtown Square (PA)’s Episcopal Academy. Krossover’s vertical expansion is expected to continue over the course of 2012, with the beta launch of the Company’s football offering scheduled to occur shortly.

To date, Krossover has indexed over 450,000 minutes of game video, including 8,500 games and more than 1.5 million individual plays.

Krossover was founded in 2008 by Vasu Kulkarni, a lifelong avid basketball fan and former member of the Junior Varsity team at the University of Pennsylvania, who sought to use technological innovation to help coaches and teams win. Prior to founding Krossover, Mr. Kulkarni held a number of technology and engineering positions. Mr. Kulkarni holds a BS in Computer and Telecommunications Engineering and Entrepreneurship from the University of Pennsylvania. Krossover’s analytics capabilities are overseen by James Piette, the company’s Director of Analytics. Mr. Piette is a sports analytics expert, having written several peer-reviewed articles on statistical research in sports and developed statistical models to address various sports issues including player utilization performance prediction metrics. Mr. Piette holds three Bachelor’s degrees from Trinity College and a Ph.D from the Wharton School of Business with a concentration in statistics.

About Krossover
Krossover, a New York City-based startup, is a video coordinator that provides sophisticated data analytics technology to the sports world.  With an intuitive online platform easily accessible by thousands of high school and college programs, Krossover enables coaches to use video to improve the success of their athletic programs by eliminating the time and financial impediments to managing their filmed content.  With an estimated 95% of high school and college athletic programs now recording game video, Krossover is accelerating the use of indexed, on-demand video content by programs of all sizes.