Australian technology and solutions company Bluedot Innovation has announced a valuable new addition to the team – PayPal’s Founding Chief Financial Officer (CFO) David Jaques who has joined the company’s board of directors as CFO and will help shape their strategic direction.
Bluedot Innovation specialises in advanced location services for smartphone applications; they aim to deliver cutting-edge geolocation technology to the market that that will facilitate new opportunities for location-based commerce and social innovation that previously weren’t possible. Their unique intellectual property overcomes the major obstacles inhibiting location-based services and payments, enabling businesses to build advanced location-aware applications while causing little or no battery drain on their customer’s smartphone.
According to Filip Eldic, Bluedot Innovation Co-Founder and Executive Director, “Many applications relying on location services have previously not been possible because of the significant negative impact that precisely determining a customer’s location has on the battery life of their mobile device. The high cost of new infrastructure or hardware to enable location-based commerce has often also been prohibitive,”
“[W]e can enable a new generate of location based commerce. Our technology is therefore complementary to the products and services of the major payments and mobile commerce companies.”
After raising $225,000 in investment capital and bringing Founding CFO of PayPal on board, the company is ready to go aggressively with their growth plans.
Jaques will be contributing to the development and oversight of Bluedot Innovation’s strategic, commercial and financial plans, focusing on company’s capital raising efforts and its expansion into overseas markets, including the US.
His two decades of experience in the banking industry will serve the company well in the next 12 months as they enter the next stage in the business’ lifecycle.
Jaques began his career in the banking industry with Barclays Bank PLC in London and later in New York City, where he held various senior positions in treasury risk management. Since 1994, he’s provided financial and corporate expertise to private equity firms, startups and financial institutions in Silicon Valley, California and internationally.
After a five year tenure as a Senior Vice President at Silicon Valley Bank, Jaques became the founding CFO of PayPal. In this role, he was instrumental in raising three rounds of private equity financing totalling $140 million, and coordinated the merger of PayPal Inc. with X.com Corporation, which resulted in a $680 million valuation.
And after PayPal, David was CFO of Nokia’s venture capital fund, which was later re-branded as BlueRun Ventures. Under his leadership, assets under management increased from $150 million to $1 billion in six years and the fund established a presence in six countries.
Eldic says the company is thrilled about Jaques joining the board: “It goes without saying that he brings a tremendous amount of experience and expertise to the role. He’ll provide quality advice and insight that will help us grow into a significant player in the tech industry.”
“David will help us ensure we have the capability, resources and systems in place for a rapidly growing company that is many times our current size.”
Bluedot Innovation plan to raise further capital in the next six to twelve months; and are expecting to engage a range of major corporate clients in Australia and the US over this period.
For more information on Bluedot Innovation, visit www.bluedot.com.au.