Submitted by NCIIA Guest on Thu, 05/14/2009 - 15:21
Modiv Media, a former E-Team from Babson College, has been recognized by the 2009 AlwaysOn East 100 List. The AlwaysOn East 100 Award is given to private, emerging technology companies creating new business opportunities in high-growth markets.
Modiv Media, based in Boston, provides the first multi-touchpoint, in-store media network that enables marketers and retailers to boost loyalty and sales, while saving money and time for consumers. The technology is used by a number of supermarket chains on the East Coast. While at Babson, the E-Team was called Vayusa. The team received an E-Team grant from NCIIA in 2002.
Seven years ago, the Babson College Vayusa E-Team created a mobile commerce solution that allows people to pay for products with their cell phones. At the checkout counter, the customer dials the company, enters a four-digit PIN, chooses a payment method (credit card, debit, etc.), and confirms purchase. The Vayusa platform also contains a loyalty card management system, allowing retailers to reward consumers for using certain payment methods. Vayusa's system is fast and safe, requires no additional equipment installed on either side of the transaction, and can be utilized with any existing cell phone.
After graduating from Babson the team went on to incorporate as MobileLime, completed a round of funding that brought in $2.2 million, and launched in Boston with twenty-one employees in March 2003. In 2007 the company merged with Cuesol to become Modiv Media, developer of a next generation retail media delivery platform.