Top Silicon Valley Venture Capital Firm Backs Business Intelligence ASP
SEATTLE, WA (September 11, 2000) – digiMine, an application service provider (ASP) of business intelligence solutions, today announced it closed a $20 million Series B round of funding led by venture capital firm Mayfield Fund. As part of the agreement, Mayfield managing general partner Yogen Dalal will serve as a director on digiMine’s board of directors and Mayfield venture partner Dana Settle will serve as an advisor on digiMine’s advisory board, joining top industry executives such as Sam Jadallah of Internet Capital Group and Pete Higgins, former Group VP at Microsoft. Original investors in digiMine’s first round also participated in the Series B round. In June, the company closed a two million dollar bridge round for investment by employees and key strategic individuals. digiMine has raised close to $25 million in the five months since its founding.
“digiMine is an extraordinary investment for Mayfield. The company’s business model, management team and already proven ability to deliver powerful solutions to its customers made our decision to work with them an easy one,” said Dalal. “I am excited by the opportunity to serve on digiMine’s board and participate in the company’s realization of its vision – to dramatically expand the business intelligence market by making the benefits of data warehousing and data mining accessible to all e-businesses, large and small.”
As an ASP, digiMine manages and hosts complex data warehousing and data mining infrastructure for its customers and delivers sophisticated, timely and easy-to-use business intelligence reports, analysis and personalized marketing applications. digiMine clients gain insight into their business trends and customers’ behavior, without the time and expense associated with building an in-house solution.
“I was the first angel investor in digiMine,” said Jadallah, managing director at Internet Capital Group. “digiMine has executed on their plan from the start. They’ve built their team from the three co-founders to over 60 employees, launched their first service and developed an impressive customer base – all in 5 short months.”
digiMine’s co-founders, all former Microsoft veterans, bring together three key areas. Dr. Usama Fayyad is a world-renowned authority on data mining; Nick Besbeas is an expert on direct marketing and internet-based marketing and measurement; Bassel Ojjeh built the earliest web data warehouses at Microsoft and managed product development in Microsoft’s Commerce Server group.
“digiMine’s strong business plan and market opportunity provided us with the ability to choose from among the best venture capital partners,” said Fayyad, CEO, president and co-founder of digiMine. “We selected Mayfield based on its track record of providing excellent insight and guidance to technology companies, as well as its clear ability to connect us with customers and e-commerce infrastructure partners. Mayfield will be key in helping us continue our incredible growth.”
Founded in March 2000, digiMine is setting new standards for the delivery of powerful analytics and personalization to businesses. digiMine’s advanced data warehousing and data mining services are securely delivered via the Internet, which enables a fast and reliable way for businesses to act with precision and speed. digiMine provides invaluable business intelligence and decision support through intuitive reports with customizable and interactive visuals. Typical deployment occurs within a few weeks, dramatically reducing costs, complexities and the burden on IT departments. www.digiMine.com. For additional information about digiMine call (425) 896-1700 or visit the company Web site at www.digiMine.com.
About Mayfield Mayfield, a premier Silicon Valley venture capital firm, is creating revolutionary companies for the 21st century in communications and the Internet. Since Mayfield’s founding in 1969, the firm has invested in more than 386 companies and has taken approximately 109 companies public. Today, these Mayfield-backed companies represent an aggregate market value of more than $272 billion. Examples of Mayfield’s portfolio companies include: Advent Software; Avanex; BroadVision; Citrix Systems; Dovebid; FolioFN; Millennium Pharmaceuticals; Qtera; Snapfish; Redback Networks; Tularik; Tibco and webMethods.