Clarabridge™ Secures $3M from Boulder Ventures
January 23, 2006 00:00 AM
Clarabridge™, an emerging leader in the text mining software space, today announced it has received a $3 million investment from Boulder Ventures to continue product development and the expansion of Clarabridge™’s sales and marketing efforts. This funding occurs as part of spinning off Clarabridge™ from business intelligence (BI) consultancy, Claraview, into an independently operating enterprise software vendor.
Clarabridge™’s newly released Content Mining Platform™ unlocks the full power of an enterprise’s information assets by transforming unstructured content – contracts, filings, forms, call center notes, medical records, insurance claims, emails, etc. – into information that can be directly mined using standard businesses intelligence (BI) tools, such as MicroStrategy, Cognos and Business Objects. Using Clarabridge™, users can effectively ask any question of any information source using any analysis technique to address a host of real-world business needs.
Clarabridge™ is a direct result of insight gleaned from hundreds of Claraview client engagements, from which it became clear that most large organizations face a common key challenge – bridging the gap between the worlds of unstructured and structured data. According to Chairman and CEO, Sid Banerjee, “We asked why people can’t use analytical tools that are common in the structured data world to unlock insights from unstructured data and, conversely, why they can’t use ‘search’ tools like Google to find structured reports?”
Clarabridge™ President and CTO, Justin Langseth states, “Clarabridge™ transforms unstructured content into information useful to nearly all industries, from financial services and insurance to healthcare and the public sector. Clarabridge™ users can, for example, see how certain patterns of communication lead to the loss or retention of customers over time by merging call center notes and email logs, with structured service data and demographics information.
Boulder Ventures General Partner Andy Jones affirmed his firm’s interest as, “Clarabridge™’s fresh approach to unstructured data analytics will accelerate the growth of the text mining industry – an area that I believe has tremendous potential over the next few years. I am confident that as pioneers in the BI space and proven entrepreneurs, the Clarabridge™ management team will deliver superior returns for our investors.”
Throughout 2004 and 2005, Claraview invested in the development of the Clarabridge™ product. In late 2005, Claraview moved to separate the two companies and secure outside funding to capitalize on the vast market opportunity for Clarabridge™.
Further information about Clarabridge™ can be found at https://www.clarabridge.com.
Clarabridge is the leading provider of sentiment and text analytics software for customer experience management. Clarabridge provides Global 1000 enterprises with universal views of their customers through automatic collection, classification, sentiment analysis, and reporting on text-based verbatims found in voice of the customer feedback channels. The result is improved marketing, product/service offerings, operations and customer service. Clarabridge customers include AOL, B/E Aerospace, Capital One, Choice Hotels, Expedia, Gaylord Hotels, H&R Block, Intuit, Marriott International, Nissan, QVC, Inc., Sage North America, United Airlines, Walmart, Walgreens, and Wendys International. Clarabridge is privately held with headquarters in Reston, Va. For more information, visit www.clarabridge.com.