Seattle, Sept. 11 (LocalBusiness.com) – digiMine, has closed $20 million in Series B funding led by Silicon Valley venture capital firm Mayfield Fund.
Kirkland-based DigiMine is an application service provider that helps businesses use their databases more effectively for e-commerce.
As part of the deal, Mayfield managing general partner Yogen Dalal will serve as a director of digiMine’s board of directors and Mayfield venture partner Data Settle will serve as an advisor on digiMine’s advisory board, joining industry executives that include Sam Jadallah of Internet Capital Group and Pete Higgins, former group vice president at Microsoft.
All original investors in digiMine’s first round also participated in the Series B round. In June, the company closed a $2 million bridge round for investment by employees and key strategic individuals. digiMine has raised close to $25 million in the five months since it began operations.
DigiMine provides a service for Websites hoping to boost sales. The company is in the data mining industry, where Web-based companies use special software to track visitors through their sutes, to determine their interests so the companies can target them for specific types of advertising. Using real-time data analysis, companies can cross-sell customers products related to their interest, or promote a higher-end, more expensive product.
DigiMine rents its software on a subscription basis and provides hosting services. The rental service lowers the cost, compared to selling the use of the technology outright.
As an ASP, digiMine manages complex data warehousing and data mining infrastructure for its customers and delivers easy-to-use business intelligence reports, analysis and personalized marketing applications.
The company says it provides clients with insight into their business
Trends and customer’s behavior, without the time and expense associated with building an in-house system.
DigiMine was founded in March this year.
By: Gestin Suttle
Source: Local Business