digiMine raises an additional $5.44 million

DigiMine, a Bellevue data mining start-up, has closed a $5.44 million extension of its second round of financing.

The company – founded by former Microsoft Corp. managers Usama Fayyad, Nick Besbeas and Bassel Ojjeh – has raised a total of $30 million.

Mayfield Fund led the round.

DigiMine, which helps companies analyze Internet data, provides its hosted service to 35 companies, including J. Crew, Barnes & Noble and Palm Inc.

The company employs 115 people and, unlike many Internet start-ups in the area, it has not experienced layoffs this year.

“Because our technology is mission critical we have enjoyed better times than a lot of technology companies out there,” said spokesman Joel Sider.

$400 in 1998. At the time, the Seattle-based e-tailer’s stock was around $240 a share, but did eventually surpass $400 a share, helped by his recommendation.

But as the Internet stock bubble burst, he took criticism about his stock picks, including Pets.com and eToys, both of which failed without ever turning a profit.

Published by: Seattle Post Intelligener

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