Advanced Analytics Software Firm RiverGlass, Inc. Raises $4 Million Series 'B' Financing Round
Financing Proceeds will Fund Research and Development, Sales and Marketing, Operations
CHAMPAIGN, ILLINOIS – February 5, 2007 - RiverGlass, Inc., a data analytics solutions provider, announced today that it has raised $4 million in a Series 'B' round of venture capital financing. Proceeds will fund ongoing operations as well as growth in research and development, sales and marketing, and operations.
"The additional funding we're announcing today will allow us to take the next step in becoming the premier platform used by personnel and analysts who need to take data and generate actionable analysis quickly," said Kirk Dauksavage, CEO, RiverGlass. "We believe the additional resources that we're putting into the company will provide greater value for our customers, giving them even better products, and thus, the competitive edge they're looking for."
RiverGlass, a University of Illinois spinout, develops technologies that help businesses manage data from virtually any source. The company's products and solutions offer data analytics solutions that are accessible, proactive and adaptable to the constantly changing data landscape. RiverGlass software is built upon an analytics platform that learns the priorities of an organization or individual user, enabling proactive analysis and automatic notification of information.
"We believe RiverGlass has breakthrough capabilities to help companies acquire, analyze, and act upon data that is overwhelming their ability to effectively address critical business challenges," said Marc Weiser, Managing Director, RPM Ventures. "The company's ability to provide solutions in security, marketing, and research gives them the opportunity to have a tremendous impact on a broad scale, both nationally and overseas."
Today, several state and federal agencies – including the Illinois and Iowa State Police Departments and the Chicago Police Department – use RiverGlass software as part of their homeland security initiatives. Users who were overwhelmed by a vast volume and variety of data can now leverage that data to make informed decisions, manage risk and take more pertinent action. RiverGlass is also building solutions for risk management, incident response management, and market and competitive intelligence for corporations in insurance, financial services, agribusiness, manufacturing, travel and hospitality.
Country Insurance and Financial Services of Bloomington, Illinois join existing investors Illinois Ventures, Illinois Finance Authority, and RPM Ventures in this financing round.
About RiverGlass
RiverGlass, Inc. (www.riverglassinc.com) is a leading provider of advanced real-time analytics and intelligent web information collection and analysis solutions. The company was formed in 2003 to commercialize eight years of grand funded research at the National Center for Supercomputing Applications (ncsa) at the University of Illinois. RiverGlass provides application solutions to government agencies and commands in defense; intelligence; law enforcement; and major corporations. RiverGlass is a private company with principal offices in West Chicago, Illinois and Champaign, Illinois. The development of the RiverGlass technologies was funded in part through a grant by the Illinois Department of Commerce and Economic Opportunity.
