Latest news with #Socket
Yahoo
6 days ago
- Business
- Yahoo
Socket Mobile Strengthens Balance Sheet with a Secured Subordinated Convertible Note Financing of $1.5 Million
FREMONT, Calif., June 2, 2025 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced productivity, today announced completion of a secured subordinated convertible note financing of $1,500,000. The proceeds will be used to increase the Company's working capital balances. The notes have a three-year term and will mature on May 30, 2028. The interest rate on the notes is 10%, payable quarterly in cash. The holder of each note may require the Company to repay the principal amount of the note plus accrued interest at any time after May 30, 2026. The notes are secured by the assets of the Company and are subordinated to the Company's debts with Western Alliance Bank, its senior lender. The principal amount of each note is convertible at any time, at the option of the holder, into shares of the Company's common stock at a conversion price of $1.07 per share, the closing price of the common stock on the Nasdaq Capital Market on May 30, 2025, and the most recent closing price as of the closing of the financing. Participants in the financing include: Charlie Bass, Chairman of the Company's Board of Directors; Kevin Mills, the Company's Chief Executive Officer and Board Director; Lynn Zhao, the Company's Chief Financial Officer and Board Director; Bill Parnell, a Board Director; Jason Wu, the Company's Controller; Eric Glaenzer, the Company's Chief Technical Officer; and Enrico Mills, the adult son of Kevin Mills. Additional details regarding the financing will be provided in Form 8-K to be filed by the Company with the SEC. About Socket Mobile:Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile's revenue is primarily driven by the deployment of third-party barcode-enabled mobile applications that integrate Socket Mobile's cordless barcode scanners and contactless readers/writers. Mobile Applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Fremont, Calif., and can be reached at +1-510-933-3000 or Follow Socket Mobile on LinkedIn, X, and keep up with our latest News and Updates. Socket Investor Contact:Lynn ZhaoChief Financial Officer510-933-3016lynn@ Socket is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners. © 2025, Socket Mobile, Inc. All rights reserved. View original content to download multimedia: SOURCE Socket Mobile, Inc.
Hans India
30-04-2025
- Science
- Hans India
Innovative projects, future leaders shine at sustainability meet
Bengaluru: CMR Institute of Technology (CMRIT), Bengaluru successfully hosted 'Techno-Meet on Sustainability 2025,' an inspiring exhibition that showcased about 50 innovative projects developed by students and faculty members, celebrating the spirit of creativity, technical excellence, and sustainability goals. The event was inaugurated by Ramamurthy, Provost of CMR University and Founder of Ekya Schools and by K Chandrashekar, Finance Advisor to the CMR Group. During the event, four innovative products — Smart Socket (by the stat-up Neuinn), Germination Kit (by the start-up Tiny Shootz), Light Board (by the start-up U-Shiksha), and the AI-powered Mentoring Tool - Sanghathi were officially launched, to meet the needs of smart living, urban farming, education, and mentoring, respectively. The exhibition attracted students from various schools and colleges who engaged enthusiastically with the innovators, gaining insights into the real-world applications of emerging technologies. Some of the key projects included an Artificial Intelligence-Enhanced Portable ECG Monitor for real-time heart analysis, EcoFilament — a solution transforming PET waste into sustainable 3D printing filament, a Gesture-Controlled Robot for military applications, an Oil Spill Detection System using satellite imagery, Fake News Detection using NLP techniques, and an AI Model for feature extraction from drone orthophotos. A standout project developed by final-year students Girish C, Bhuvan Chandrashekar, Lalith Aditya R, and Mr. Ujwal Reddy, featured an IoT-enabled system that directly recycles PET waste into eco-friendly 3D printing filament, reducing energy consumption by approximately 30% and promoting a sustainable circular at the event, Ramamurthy emphasised, 'At CMR Group of Institutions, we are committed to shaping the future of our students, nurturing them to become the leaders of tomorrow. With a strong focus on technology and innovation, we ensure they stay ahead in a rapidly evolving world.' The event was also attended by dignitaries including Dr. Sanjay Jain, Principal of CMRIT, Dr. B Narasimha Murthy, Vice Principal, along with Dean and Heads of Departments, who interacted with participants and encouraged their pursuit of top industry leaders also graced the occasion and interacted with the students.
Forbes
23-04-2025
- Business
- Forbes
Socket Acquires Coana To Build Out Its SCA Capabilities
Socket CEO and founder Feross Aboukhadijeh Open-source software is changing the world, enabling developers to incorporate code already written by others into their own applications. But while this is a far more efficient and productive way to build new software, it also comes with risk – when developers pick up open-source code for their own use, they also pick up any vulnerabilities it may incorporate, potentially leaving their applications vulnerable to breaches and attacks. Socket, which is today announcing the acquisition of the Danish cybersecurity start-up Coana, holds itself up as the solution to this problem. It's an expert in software composition analysis (SCA), the process of analysing the code underlying applications to find potential problems. Socket's tools enable software developers to scan all the code in an application, including open-source code, to identify security vulnerabilities so that these can be mitigated before any damage is done. Forbes first profiled Socket last October, revealing that the company had raised $40 million of Series B funding from investors including Abstract Ventures and a16z. Today's announcement marks the next phase in the company's development, with Feross Aboukhadijeh, CEO and founder of Socket, arguing that the deal with Coana – for an undisclosed sum – will help it solve a pressing problem. 'Our tools are great at identifying the vulnerabilities that open-source code incorporates, but cybersecurity teams are struggling to get through the work this creates,' he explains. 'One of the biggest issues in cybersecurity today is alert fatigue – security professionals just can't cope with the number of issues they're now being alerted to.' The downside to good SCA solutions such as Socket, Aboukhadijeh explains, is they can present cybersecurity teams with a huge list of vulnerabilities to mitigate. It's not always obvious which problems are most serious and, therefore, where teams should prioritise mitigation work. Really dangerous vulnerabilities may be left in place while much less pressing issues are dealt with. Overworked teams may even end up ignoring some alerts altogether. Coana's 'reachability engine' is therefore a potentially valuable adjunct to Socket's SCA platform. It analyses vulnerabilities that have been picked up in order to identify the most concerning and to create a to-do list for the cybersecurity function. Less worrying issues and false positives – problems that are already mitigated elsewhere in the software – can then be left for a later date or even ignored altogether. 'We founded Coana to give developers a tool that finds 100 critical issues not 10,000 trivial ones,' explains Martin Torp, chief product officer at Coana. 'Together we'll deliver reachability analysis at a scale and impact that we could only dream of as a standalone product.' It's certainly a growing market. Since its launch three years ago, Socket has build a client list spanning more than 8,500 customers. High-profile clients include Anthropic, Figma, OpenAI and Vercel, but the company also works with many small enterprises and start-up businesses. Aboukhadijeh says the company's revenues are on target to increase by 300% this year; its analysis suggests it is preventing more than 1,000 cyber attacks each week. Last October's fundraising was an important step forward, enabling the business to consider strategic moves such as the Coana deal. Zane Lackey, general partner at a16z, argues that the acquisition will give Socket huge competitive advantage. 'Socket's approach to open source security is simply better – it's proactive, precise, and built for how modern teams work,' he says. 'The combination of Socket and Coana is the nail in the coffin for legacy SCA.'
Yahoo
17-04-2025
- Business
- Yahoo
Socket Mobile Announces First Quarter 2025 Results Release Date and Conference Call
FREMONT, Calif., April 17, 2025 /PRNewswire/ -- Socket Mobile, Inc. (NASDAQ: SCKT), a leading provider of data capture and delivery solutions for enhanced productivity, today announced that it will release its first quarter 2025 financial results at the close of the market on Thursday, April 24, 2025. Management will also host a conference call to discuss these results that will begin at 5 p.m. Eastern Time (2 p.m. Pacific Time). What: Socket Mobile First Quarter 2025 Results Conference Call When: Thursday, April 24, 2025 at 5 p.m. Eastern Time (2 p.m. Pacific Time) To access the live conference call: Conference Link: - OR – Dial (800) 237-1091 toll free from within the U.S. or (848) 488-9280 (toll). About Socket Mobile:Socket Mobile is a leading provider of data capture and delivery solutions for enhanced productivity in workforce mobilization. Socket Mobile's revenue is primarily driven by the deployment of third-party barcode enabled mobile applications that integrate Socket Mobile's cordless barcode scanners and contactless reader/writers. Mobile Applications servicing the specialty retailer, field service, digital ID, transportation, and manufacturing markets are the primary revenue drivers. Socket Mobile has a network of thousands of developers who use its software developer tools to add sophisticated data capture to their mobile applications. Socket Mobile is headquartered in Fremont, Calif. and can be reached at +1-510-933-3000 or Follow Socket Mobile on LinkedIn, X, and keep up with our latest News and Updates. Socket Investor Contact:Lynn ZhaoChief Financial Officer510-933-3016lynn@ Socket is a registered trademark of Socket Mobile. All other trademarks and trade names contained herein may be those of their respective owners. © 2025, Socket Mobile, Inc. All rights reserved. View original content to download multimedia: SOURCE Socket Mobile, Inc.
Forbes
26-03-2025
- Business
- Forbes
Why Chasing Perfection Will Kill Your Startup Before It Even Begins
Just be sure not to explode on your way up. getty There is an undeniable allure to perfection, and many make a habit of chasing it. For some entrepreneurs and engineers, striving for perfection is not just an ambition; it's a defining trait. They understand what excellence looks like and are willing to sacrifice nearly anything to reach it, which is exactly why they are where they are today. However, perfection has its time and place, and entrepreneurship is usually neither. Entrepreneurs must first identify what clients truly need and, more importantly, what they are willing to pay for. That's the real priority, with perfection being the end goal way down the road. The ability to build something clients want and to deliver it as early as possible is what sets successful entrepreneurs apart from the rest. Success doesn't come from perfecting a product in isolation; it comes from testing, learning, and adapting in real time. Luckily for us, there is a proven formula for achieving it: listen to your customers, do so early and stay open to adjusting your goals. A Swiss watch is a miracle to behold, and building one is as much an honor as owning one. But in entrepreneurship, the pursuit of perfection can be a costly distraction. Sure, the Wall of Fame of entrepreneurship has its share of revered builders who relentlessly chased perfection, Steve Jobs first among them. Joining their ranks is a dream many hold, but getting there is not at all an obvious matter. Many forget that even Steve Jobs' famed persistence for perfection emerged later in life. The Apple I, as close to a modern relic of entrepreneurship as one can get, is a far cry from perfection. 'It didn't need to be perfect, nor could it have been,' Feross Aboukhadijeh, CEO of Socket and an experienced founder with a series of successful exits and open source hits under his belt, notes. 'The key is to deliver something that solves a problem and to keep improving from there.' For Wozniak and Jobs, the Apple I met just enough client demand to chart a path forward, and what a path it's been. It's a lesson Feross learned early. His first startup, PeerCDN, had revolutionary peer-to-peer technology, but it failed to gain traction. 'The underlying tech was great, but there just weren't enough customers who would pay for it,' he admits. After that, his approach to building companies, and the products they exist to ship, has shifted to focusing on what is great and also sells: 'When I built Socket I spent a long time on the road, listening and talking to clients. If out of 40 people, 39 don't say they'll pay for it or if they aren't paying enough, there's no sense in building it.' Today, Socket's cybersecurity platform protects over 7,500 organizations and 300,000 GitHub repositories, all because Feross focused on what customers wanted him to build, not just what he wanted to create. Building a product where go-to-market and product-market fit aren't mysteries to solve later, but rather the starting point, is entrepreneurship at its best. Voltaire once warned us that perfect is the enemy of good, but it's more than that. For entrepreneurs, perfection is the enemy of getting started, gaining traction, and ultimately building a successful business on what might be a great idea waiting for execution. Jeff Gallino, CEO of CallMiner, puts it bluntly: 'Good ideas are everywhere. People who can execute are rare, and even rarer are those who execute only that which serves the client.' CallMiner mines over one billion customer interactions annually, providing conversation intelligence to companies ranging from airlines to retailers, and Jeff credits the company's success to its relentless focus on execution. 'When we launched, we focused on only the MVP and how well it served the client,' Jeff explains. 'Perfection is the enemy of good in software. You build as much as you need to sell, then iterate.' When founders obsess over perfection, they often forget what matters most: building something people want and will pay for, not just chasing a great idea. Wherever ideas are abundant but execution is rare, it's the companies that launch imperfectly, listen intently, and iterate quickly that come out ahead. This is a fact that Jon Bennert, CEO of Air Oasis, has also taken to heart. 'For us, customer feedback drives everything,' Jon explains. 'When we first started out, we would often innovate for the sake of innovation and our product lineup was something entirely different than it is today. Listening to what our customers actually want, and acting on it immediately, is something we've learned to do more of, not least because of how it's guided us to build products that sell themselves.' This mindset has transformed Air Oasis, helping the company scale its direct-to-consumer sales and maintain loyalty through rapid iteration. The company has also shifted its focus from internal R&D to a more collaborative approach where specialized third parties take over what 'perfectionist CEOs' might consider core-functions to the build such as PCB design. When Air Oasis started out, the company focused on building innovative products in-house. But over time, Jon realized that the 'build it and they will come' approach was flawed. 'It's really the customer who matters,' he says. 'They'll tell you what they want, and what they need. You just have to listen.' This responsiveness helped Air Oasis not only survive but thrive during the COVID-19 pandemic, when demand for air purifiers skyrocketed. 'When a customer emails us with a complaint, we start planning the next product that same day,' Jon says. Herein lies a fundamental truth about effective execution: the best products are not built in isolation. Feross and Jon demonstrated this by integrating their clients into the creation process. By continuously seeking feedback, they ensured that every feature developed and every adjustment made was purposeful, directly addressing what customers valued and were willing to invest in. Flexibility is the quiet force behind entrepreneurial success, and it flourishes when founders let go of chasing perfection. The ability to pivot, to adapt quickly when something isn't working or another thing could work even better, is often the difference between failure and enduring success. Scott Stevenson, CEO of Spellbook, knows this all too well. 'My first business was building a physical product that was a genre-bending innovation in the musical instruments industry, but commercially it never really worked out,' Scott begins. 'I'm glad I didn't double down on it any further than I did. If I hadn't let go of it, I would have never reached the core business idea that we've banked on for Spellbook's success today,' Scott adds, noting that Spellbook's foundations are built on personal frustrations with the legal industry's inefficiencies and hundreds of hours spent with lawyers, learning their workflows, before building something that fits seamlessly into how they work. 'Even with our legal product, we launched over 100 different marketing pages before we figured out how to build and market something that lawyers loved. That came from running a new experiment every week for 2 years. Fast iteration is everything.' The Spellbook team's flexibility and focus on learning from its users allowed the company to grow its revenue fivefold in a year. 'It's all about being the wind behind your customers' backs, not a roadblock,' Scott emphasizes. Lurein Perera, CEO of GiveCard, reinforces this idea of adaptability. His company provides financial infrastructure for nonprofits and governments to distribute cash assistance through prepaid debit cards. 'It's easy to assume you know what people need, but the reality is often very different,' Lurein shares. 'We've found that the key to success is starting small, listening, and iterating quickly to meet the actual needs of users.' GiveCard's ability to pivot based on client feedback has been a gamechanger for their client's social impact programs. 'One of our partners initially wanted a system for distributing food assistance, but as we engaged with end-users, it became clear that direct cash assistance gave them more freedom and dignity. That feedback reshaped how we approached the project,' Lurein explains. 'If we hadn't been willing to pivot, we wouldn't have been able to deliver a solution that truly worked for the people who needed it most.' The lesson Lurein learned is simple, yet powerful. Before you build, talk. Learn more about your clients with each moment spent building. And build only what you must. These three steps form the foundation of a perfect product-market fit: The path to entrepreneurial success is never as straightforward as a three-point list, but as the stories of the CEOs above show, these steps provide a strong starting point to ensure you're on the right track from day one.
