DigiMine™, 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. Le by Silicon Valley venture capital from Mohr, Davidow Ventures, the funding will support digiMine’s growth as the company progresses toward profitability in 2003. 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 service 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 Nordstorm.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 for the company. Also working closely with digMine 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 exceeds its revenue expectations last year, especially in the fourth quarter, in which 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.”