XcelMobility, Inc. (OTC: XCLL) (OTCBB: XCLL) said that it has received USD650,000 in funding from Magna Capital Group, Inc.
The investment will serve to fuel the company´s accelerated development of its cloud-connected wearable computing solutions and support its expansion into China and other targeted key markets that are rapidly adopting today´s most advanced wearable computing technologies.
In 2013, Xcel successfully established a consortium of China´s leading mobile technology players, including MapWorld and China Unicom and launched its first wearable computing device, called the CCWatch to the China marketplace. By January 2014, Xcel had expanded its market position and increased demand for its CCWatch by incorporating the “Companion Solution,” the first “always on” cloud-connected smartwatch system with software applications specifically focused on monitoring loved ones and private/public security forces. Given the continued opportunity to build additional wearable computing technologies utilizing Xcel´s established platform of mobile Internet products and services and technology partners, the company will strive to further expand the business in 2014 to build upon the growth achieved in 2013.
Magna Group is a leading alternative investment firm that makes innovative structured investments and provides financial partnership to its portfolio companies; public and private, domestic and international. With a focus on the small and lower-middle markets, Magna Group maintains an active long portfolio of over 40 emerging growth and development stage companies at any given time. As a financial partner, Magna Group prioritizes relationship and works closely with portfolio companies to develop customized equity, debt and hybrid investment solutions. Visit www.magnagroupcapital.com for more information.
XcelMobility is combining wearable computing devices, location based technologies, and cloud computing to become a leading developer of mobile Internet products and services, specifically focused on China´s burgeoning mobile market of well over 1bn users. For more information visit: www.xcelmobility.com,