Connotate Increases Momentum and Closes $7M Series B Funding
Latest Funding from Castile Ventures, Prism VentureWorks and .406 Ventures Solidifies Company’s Big Data Leadership Position while Accelerating the Expansion of New Data Extraction and Monitoring Solutions
New Brunswick, NJ (April 11, 2012) – Connotate, Inc., the leading provider of solutions that help organizations monitor and collect data and content from the Web, today announced that it has raised $7 million in Series B funding led by Castile Ventures, with participants including new investor Prism VentureWorks and existing investor .406 Ventures. Connotate will apply this new capital to execute on an accelerated growth strategy that includes establishing a world-class partner program and international expansion.
“Connotate’s unique and differentiated technology has positioned it to capitalize on the explosion of Big Data and enterprises’ growing appreciation of the value that highly scalable data monitoring and collection can bring,” said Nina Saberi, Founder & Managing Partner of Castile Ventures. “We’re excited to partner with a leader in this rapidly growing market, and delighted to be working with Keith Cooper again.”
“Since our initial investment in Connotate, I have been continuously impressed with the company’s execution and traction in the market. Connotate gives companies the ability and accuracy to automate the capture of real-time Web data,” said Liam Donohue, General Partner of .406 Ventures. “With Connotate’s recent acquisition of Fetch Technologies and addition of Castile and Prism to the team, we are very excited about the company’s position and vision to be a market leader in the Big Data industry.”
In the recent weeks, acquiring Fetch Technologies and announcing Keith Cooper as CEO, has significantly enhanced Connotate’s market position as a leading provider of data aggregation and monitoring solutions. With analyst firm IDC predicting the Big Data market to hit $16.9bn by 2015, information collection and monitoring is a critical challenge for organizations trying to leverage Web content for business use. Connotate provides companies of all sizes with an automated functionality that allows organizations to monitor and extract the precise information they need to deliver custom data solutions and drive ROI.
“2012 has started out very strong for us,” said Keith Cooper, CEO Connotate. Our next product release -- due out this spring -- will make it even easier for companies to aggregate and monitor information from the Web. It is our goal to help enterprises take advantage of the immense opportunities that Big Data has to offer and find answers to industry questions that were once too time-consuming to resolve.”
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About Castile Ventures
Castile Ventures is a top-performing early-stage venture capital firm that partners with exceptional entrepreneurs to exploit new waves of disruptive innovations and create market-transforming enterprises. Since our founding in 1998, we have consistently invested in companies that redefine the status quo, helping to transform bold visions into market leaders. We are grounded by our deep understanding of technology-related markets and by our hands-on experiences. Currently, we are focused on backing teams that are creating the enabling infrastructure for new classes of Internet-related businesses, such as broadband-enabled businesses, cloud computing, digital media and mobility. For more information, please visit: http://www.castileventures.com/.
About Prism VentureWorks
Prism VentureWorks (www.prismventure.com) is an early stage venture capital firm focused on disruptive segments in the Digital Media, Life Sciences, and Software & Services sectors. The firm is comprised of a committed team of investors whose industry operating heritage and domain depth make them valued partners among entrepreneurs and syndicates in building successful businesses. Founded in 1996, the Firm has approximately $1.25 billion in capital under management and is based in Needham, MA.
About .406 Ventures
.406 Ventures (”.406”) is a venture capital firm focused on investing in market-innovative growth technology and services companies being built by the finest entrepreneurs. .406 focuses primarily on early stage, IT and services companies in sectors where the partners have unique domain expertise, a successful track record, and established networks — IT Security; Technology-enabled Business Services; Digital Media; IT Infrastructure; Next-Generation Enabling Technologies. More information can be found at www.406ventures.com.
For organizations in which content and data are vital to success, Connotate is the Web collection company that puts the power of Web data monitoring and collection into the hands of the business user. Through an easy-to-use ‘point and click’ interface and patented algorithms, Connotate delivers the scalability, reliability and resiliency necessary to drive strategic value from dynamic, Web sources. With benefits ranging from increased productivity, competitive advantages and dramatic operational cost savings, Connotate’s growing customer list includes global businesses such as McGraw-Hill, Associated Press and Thomson Reuters. Connotate has been named a KMWorld “Trend-Setting Product” for the past six years. Connotate announced the acquisition of Fetch Technologies in March 2012. For more information, please visit http://www.connotate.com.