Leading Venture Capital and Corporate Investors Validate Company’s Technology and Market Success
BELLEVUE, Wash.–(BUSINESS WIRE)– digiMine(TM), Inc., the leader in ebusiness analytics and data mining solutions for business people, announces today the closing of $20.3 million in round C financing from prominent venture and corporate investors.
Led by Silicon Valley venture capital firm Mohr, Davidow Ventures, the funding will support digiMine’s growth as the company progresses toward profitability. Previous digiMine investors, including round B leader Mayfield, also take part in this round.
This latest round of financing is a major validation of digiMine’s technology vision, successful business model and impressive customer list. The company, which has already built strong momentum in attracting Fortune 1000 customers, anticipates that this will be its last infusion of venture capital. digiMine will use the new funds to expand product development and grow its sales and marketing presence in both the U.S. and international markets.
“One of the most impressive things about digiMine is that it has successfully executed against the exact same business model and product roadmap it was founded on two years ago,” said Bill Ericson, general partner at Mohr, Davidow Ventures. “The company’s success and growth says a great deal for the vision of digiMine’s founders.”
digiMine provides managed data mining and analytic services to enterprises, empowering executives and marketers to leverage their data for more profitable marketing, sales and service operations. The company was founded in March of 2000 by former Microsoft executives Dr. Usama Fayyad, Bassel Ojjeh and Nick Besbeas, each representing expertise in data mining, data warehousing and database marketing, respectively. Clients include companies such as Dow Jones & Company, MarketWatch.com, Microsoft Corporation and Nordstrom.com. “digiMine’s solutions meet a critical and growing need in the market place for business intelligence,” said Yogen Dalal, managing partner at Mayfield and member of digiMine’s board of directors. “The company’s core infrastructure provides clients with the reliable information they need to develop and execute strategic decisions and meet the needs of customers.”
Mohr, Davidow Venture general partner Ericson will join digiMine’s board of directors. Ericson brings to the board extensive experience in both the venture capital and enterprise software industries and will provide strategic advice to the company. Also working closely with digiMine are Mohr, Davidow general partner Nancy Schoendorf and Mohr, Davidow venture partners Donna Novitsky and Geoffrey Moore. Moore is a recognized technology marketing thought-leader and author.
“Unlike many technology companies, digiMine exceeded its revenue expectations last year, especially in the fourth quarter, in which we quadrupled our sales goals,” said Dr. Usama Fayyad, president, CEO and co-founder of digiMine. “This financing will allow us to aggressively pursue our business goals and capitalize on the market momentum we have achieved to date.”
digiMine is setting new standards for the delivery of powerful data mining and analytics. Our managed solutions transform raw data into actionable business intelligence for more profitable marketing campaigns, sales interactions and customer relationships. digiMine solutions are powered by a managed data warehouse and delivered via the Internet, providing fast deployment, a low total cost of ownership and outstanding return on investment. For additional information about digiMine call 425/460-5000 or visit the company Web site at www.digiMine.com.
About Mohr, Davidow Ventures
Since its formation in 1983, Mohr, Davidow Ventures (MDV) has earned a reputation among entrepreneurs as a skillful partner committed to building industry-leading companies in the areas of enterprise software, semiconductors and networking and communications. The firm adheres to a disciplined early stage investment strategy and backs entrepreneurs developing technology-based businesses in sectors that MDV partners fundamentally understand and where they can contribute. The firm believes that having dedicated resources available to help very early stage ventures is absolutely essential. At MDV entrepreneurs get ready access to a team of hands-on professionals who bring years of real-world experience needed to transform an idea into a successful business. MDV also possesses an extended team of experts, including an active network of seasoned entrepreneurs. Companies funded by MDV include Agile Software, Broadbase, Brocade, Ipsilon Networks, Numerical Technologies, ONI Systems and Rambus. Founded in 1983, MDV has offices in Menlo Park, Calif., in Seattle and in Reston, Va. For more information, visit www.mdv.com.
Mayfield provides Venture Capital with Impact and creates next-generation technology companies in communications and enterprise software. Since Mayfield’s founding in 1969, the firm has invested in more than 425 companies and has taken approximately 115 companies public. Today, these Mayfield-backed companies represent an aggregate market value of more than $150 billion. Examples of Mayfield’s Impact companies include Advent Software, Citrix Systems, Redback Networks and webMethods.
Source: Business Wire / PDF