24 July 2002
Vivisimo, Inc. Receives Third Venture Investment from Innovation Works
Pittsburgh, PA—
Vivisimo, Inc., a global provider of advanced document clustering (automatic categorization) software, announced it will receive a third investment from Innovation Works, a publicly funded venture capital organization. Innovation Works has now invested a total of $500,000 in the Pittsburgh-based company. The funds will be used for aggressive market penetration in 2002: ramping up organization's sales team, building strategic partnerships, and other business development efforts in both North America and Europe.
"Vivisimo's unique solution for information management has been well received by early customers on three continents," said Paul Vittone, Chief Investment Officer for Innovation Works. "The company has also gained international awareness thanks in part to its website which has received considerable media attention and garnered prestigious awards for its technology demonstration. These factors combined with Vivisimo's management team and business model have positioned the company to expand into the international marketplace. We're enthusiastic about Vivisimo's potential."
Raul Valdes-Perez, President of Vivisimo, said, "We're pleased to have received our third investment from the premier technology catalyst in Pennsylvania. Innovation Works has helped to catalyze the growth of dozens of regional companies, including Lycos (NASDAQ: TRLY), Fore Systems, and FreeMarkets (NASDAQ: FMKT)."
About VivisimoVivisimo does search right by combining the simplicity and innovation of consumer search with the flexibility and control of enterprise software. The company works with customers to understand their goals and quickly deploy solutions that maximize the business value of information—with an interface users love. Vivisimo serves its global client base through headquarters in Pittsburgh, PA, and Paris, France, and partners throughout the world. Please visit vivisimo.com to learn more about us and visit our Search Done Right blog to learn more about enterprise search. ### |
