SOURCE: NetBase

NetBase

March 02, 2010 07:30 ET

NetBase Lands $9M in Venture Capital Funding

Insight Discovery Company to Expand Operations and Aggressively Grow With Series C

MOUNTAIN VIEW, CA--(Marketwire - March 2, 2010) -  NetBase, the Insight Discovery company, today announced that it has raised $9 million in venture capital funding, completing its Series C round with Altos Ventures and Thomvest Ventures Inc. The funds will be used to execute a growth plan across the organization including building out sales, marketing, business development and product management functions, as well as further expanding its hosted cloud operations. These investments are the foundation of a plan for the company to aggressively develop and serve new markets.

"Over the past five years, we have seen NetBase grow and now they have the opportunity to change the way insights are discovered and delivered to major brands around the world," said Don Butler, President of Thomvest Ventures Inc. "We are proud of our ongoing contribution to their success and look forward to watching them take advantage of a very promising market opportunity."

NetBase is already being used by five of the top 10 consumer packaged goods companies including Procter & Gamble and two of the top three science, technology and medical publishers including Elsevier, the world's largest publisher of scientific, technical and medical content and services.

During 2009, the company refined its breakthrough technology infrastructure, extended into new markets where it delivers exceptional value, expanded its team by over 30%, and grew its customer base by over 300%. The company expects to build on this momentum in 2010.

"We are very proud of what we have accomplished in building disruptive technology that understands public and private content at scale to provide actionable insights," said Jonathan Spier, CEO, NetBase. "With this new funding, we look forward to accelerating our growth and continuing to deliver exceptional value to our clients."

NetBase is committed to delivering high-availability, rapid-scaling services to meet the needs of its growing client-base. To achieve this, the company has expanded its cloud model operation with partner SoftLayer, provider of global, on-demand data center and hosting services from facilities across the U.S., and is prepared to scale in correlation with business needs.

"Today, NetBase's next-generation semantic search offers significant competitive advantage to the world's most demanding organizations," said Anthony Lee, general partner, Altos Ventures. "We continue to invest in the company because we believe that its powerful core technology will change the future of search applications."

For more information or to connect with the company please visit:
NetBase Blog
NetBase on Twitter
NetBase on Facebook

About NetBase
NetBase provides insight discovery tools that are changing the way people search. Its next-generation semantic technology reads sentences to surface insights from billions of sources in public and private online information. Patent-pending lenses provide context for search results and intelligently guide users to answers. NetBase solutions are assisting market researchers at Fortune 1,000 companies with netnography and social media understanding and enabling science, technology and medical (STM) publishers to enrich their documents for researchers. Five of the top ten consumer packaged goods companies, including Procter & Gamble, and two of the top three STM publishers, including Reed Elsevier, are using NetBase to find answers faster. Based in the heart of Silicon Valley, NetBase is a privately held company. For more information, visit: www.netbase.com.

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