Big Data Economy Drives Web Data Growth Opportunity for Connotate
Connotate, Inc., the leading Web data extraction platform provider for the information services industry and data-centric businesses, today announced an $11 million Series B-1 financing led by Long River Ventures, with participation from existing shareholders .406 Ventures, Castile Ventures, Fernwood Funding LLC, Prism Ventures and other angels. Connotate will use the newly raised capital to broaden market reach and expand its portfolio – and especially its newest addition, Connotate Cloud.
“We are always looking for companies that capitalize on high growth market opportunities,” said Tripp Peake, General Partner of Long River Ventures. “Connotate fits that profile perfectly. Their web data extraction platform is at the forefront of big data. Connotate allows businesses to efficiently extract web data to create high-value intelligence, unique insights, and differentiated information products and services. We are particularly enthusiastic about Connotate’s new cloud offering.”
“We are excited to be adding Long River to the team. This additional investment enables Connotate to expand its lead in the market and lean into its Cloud-based offering.” said Graham Brooks, Partner of .406 Ventures. “With Connotate’s patented visual abstraction and machine learning approach, customers can more easily, and efficiently, aggregate high-value content from diverse Web sources. Connotate’s technology views a site just as a human would, making it resilient to the ever-changing nature of the internet. Connotate is well positioned as more enterprises turn to the web for unique and up-to-date information to drive informed decision making and business processes.”
“We’re grateful to be partnered with active investors that understand our industry,” said Rich Kennelly, CEO of Connotate. “We’re still in the early stages of Web data market growth. As enterprises and Big Data companies significantly increase their use of Web data, this investment ensures Connotate can grow with that opportunity, and remain a market leader for precise, efficient, web data extraction.”
Long River Ventures invests in early growth stage IT and healthcare companies throughout the northeast United States. Formed by a group of experienced entrepreneurs and venture capitalists, Long River is designed and structured to invest smaller amounts of capital with typical initial investments of $500,000 to $1 million. Long River Ventures has offices in Amherst and Boston and is currently investing from its third fund. For more information, visit the Long River website.
.406 Ventures is an early stage technology venture capital firm investing in enterprise technology companies founded by visionary entrepreneurs. .406 Ventures was founded in 2006 and has ~$650M under management. The .406 Ventures team is comprised of entrepreneurs and operators who became investors to apply real world experience and strong company-building skills to create value for entrepreneurs and LPs. The firm leads, or co-leads, first institutional investment rounds in market-changing Enterprise IT companies and world-class operators, who move quickly and embody successful entrepreneurial DNA with their passion, creativity and endurance.
Connotate, the leading web data extraction and data monitoring provider for the information services industry and data-centric businesses, automates the acquisition of content from the world’s 1 billion+ websites. A 2015 Gartner Cool Vendor for Information Innovation, Connotate’s web data extractor platform features massive scalability, high resiliency, industry-leading change detection, resulting in an average 55% lower content acquisition cost compared to traditional approaches. Connotate’s extensive post-extraction capabilities, including normalization, transformation, and integration, allows information-driven businesses to simplify their content extraction workflow and operations. Headquartered in New Brunswick New Jersey, the web data extraction technology from Connotate has an installed base of leading information service providers, financial research, retail and government agencies including Thomson Reuters, the McGraw-Hill Companies, Factset, and the Associated Press, among others.