GRANITE BAY, Calif., Dec. 8, 2020 /PRNewswire/ -- ReviverMX, Inc., developer of the world's first digital license plate, today announced that Black Star Fund has made a "significant six-figure" equity investment in the company.
"I can envision digital license plates becoming standard equipment around the world."
Kwame Anku, CEO BlackStar Fund
Black Star, known primarily for taking stakes in early stage tech companies founded by African Americans, cited Reviver's digital license plate solution as an "industry-changing technology with the potential to affect tens of millions of people on the planet."
Currently, Reviver's plates, which work through an encrypted app, can instantly and without paperwork renew auto registration, display varied designs and banners, flash stolen and amber alerts (DMV and police are informed ASAP), and tell you where you left your car and if it's been driven outside a selected radius. By next year, says Reviver co-founder Neville Boston, they will likely be able to pay tolls, parking, and summon roadside assistance.
"These features," said Black Star CEO and founder Kwame Anku, plus the aesthetic beauty of the plates, could allow Reviver to achieve "exponential growth in 2021."
Led by Mr. Anku, Black Star has over the past few years attracted notice for its early investments in technology companies which subsequently went on to achieve significant market penetration. Among these companies are CEEK, a provider of virtual reality entertainment experiences featuring performances by high-profile artists streamed via a proprietary platform; PopCom, which makes smart vending machines that gather analytics on buyer behaviors in order to maximize sales in high-traffic areas such as airports; and Mixtroz (subsequently funded by American Express) an intelligent software app enabling and managing virtual meetings, seminars, classes and other events.
"We are thrilled to have Black Star Fund as an investor in Reviver," said Mr. Boston. "Additionally, Kwame Anku's advice, guidance and key venture capital relationships have been invaluable to our growth strategies, including our plans to go public in 2021."
"Ever since I met Neville Boston and studied the rather remarkable technology he helped develop," said Mr. Anku, "I have remained optimistic that its application to the automotive sector could be a highly transformative event for that industry. I can readily envision a scenario where digital license plates will one day become standard equipment in many parts of the world. I am further optimistic that 2021 may be the bridge to this trend."
Reviver's Rplate and Rplate Pro, currently being sold in California and Arizona, are legal for driving across all 50 states. Eleven other states are actively engaged in adopting Reviver plates in the near-term. The company is currently selling its DLPs through multiple channels including automotive dealerships, affinity groups such as professional sports teams and college alumni associations, and to small-to-medium commercial fleets. Both products can also be reviewed and purchased by consumers at www.reviver.com
ReviverMX, Inc. ("Reviver") is the developer of a proprietary platform that integrates motor vehicle administrations (MVA) with vehicle owners through the company's digital license plates (DLP) and a smart phone app. The platform allows MVAs to digitize vehicle registration renewals and a variety of compliance transactions for potential cost savings to MVAs. Additionally, the platform delivers a growing menu of DLP personalization features that customers manage from their smart phones. Reviver sells two types of DLPs; the Rplate and the Rplate Pro. Both are legal for sale in California and Arizona with eleven states in various stages of adoption. For additional company and product information visit www.reviver.com.
SAFE HARBOR STATEMENT
ReviverMX, Inc. (The Company) has prepared and provides all of the financial and related information stated herein. The Company makes no express or implied representation or warranty as to projections, estimates, future plans, or forward-looking assumptions or statements, nor as to their attainability or the accuracy and completeness of the assumptions from which they are derived. Projections and estimates of the Company's performance are necessarily subject to a high degree of uncertainty and may vary materially from actual results.
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