WASHINGTON, March 23, 2015 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a credit facility to new client CircleBack, Inc., a contact intelligence company that enhances the way businesses and consumers maintain relationships through a CRM data application. Proceeds from the credit facility will help to support the company's continued growth.
Headquartered in Vienna, VA, CircleBack's patented engine, developed using artificial intelligence algorithm, processes billions of data points from millions of users every day, enabling it to determine the most accurate, up-to-date information for each contact. CircleBack offers iOS and web based solution for consumers to maintain contact quality in their address book. CircleBack also offers contact updating directly into corporate contact databases, contact retrieval of business-card and email-signature data that have not yet been recorded in CRM systems, and contact data analysis that provides sales and marketing teams with insights to help them target audiences more efficiently.
CircleBack founder and chief executive officer Manoj Ramnani said, "Contact information is the foundation for business relationships. Our clients can't afford to miss opportunities due to incorrect or missing contact data. As we continue to attack this problem head-on by expanding our product offerings, our partnership with Square 1 Bank will be highly beneficial. They understand our business model, and their credit facility will provide us with the capital we need when we need it."
"As an up-and-coming venture backed company, we believe CircleBack has great potential for growth in the rapidly evolving CRM market," said Kay Parry, senior vice president at Square 1 Bank. "The company's impressive expertise in big data and artificial intelligence provides value not only to businesses but consumers as well. We look forward to supporting the CircleBack team as the company continues to grow and develop for years to come."
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles/Orange County, Minneapolis, New York, San Diego, Seattle and Washington, DC. For more information, visit www.square1bank.com.
About CircleBack
CircleBack brings accuracy to your contact data no matter where it is by blending artificial intelligence with collective intelligence. CircleBack helps individuals and organizations keep their contact data clean, up to date and complete; whether someone moves jobs, changes phone numbers or moves to a new location, CircleBack lets you know. Millions of users rely on CircleBack to process over 2 billion contact points a day so that they can trust that their address books are effortlessly up to date across every device. For more information, visit www.circleback.com.