Zumigo Raises $6M for Product Development

Zumigo, a provider of location-based mobile services, has raised $6 million in a Series B funding round.

The San Jose-based company intends to use the proceeds to accelerate product development. It may also use the funds to expand its marketing efforts.

"This new financing validates our direction…and will accelerate growth in our core business of providing mobile location and identity products to financial organizations," said Chirag Bakshi, the company's founder and chief executive, in an Aug. 22 press release.

The round was led by Intel Capital, the equity investment unit of the Santa Clara, Calif.-based Intel Corp.

Zumigo is also one of the inaugural members of the Wells Fargo Startup Accelerator. The program, announced this week, aims to nurture early-stage financial technology companies in the areas of analytics, mobile devices and security. Kasisto, a New York-based startup accepted into the Wells Fargo program, announced on Aug. 20 that it raised $2.25 million in seed funding to develop an artificial intelligence platform.