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The major financial information and search company named the Gridstone Research has made an announcement on Thursday that it is closing its series B funding of $10 million. The company has stated that Helion Venture Partners was leading the investment, along with the existing investors like Charles River Ventures and Maverick Capital, participating in the second round. The company informed that the company is selling one of its research platform for the financial analysts that can combine deep financial data and powerful search technology.
One of the top officials of the company has informed that the company is going to utilize the funds raised, in further product development and also for expanding its sales force. The CEO of Gridstone Research, Mr. Basab Pradhan was also talking about the funding and said, "This gives us the fuel to continue on our mission of making company research easier and a lot more productive". He added, "We think analysts who research public companies today are having to attack the information overload problem with toothpicks instead of powertools. There is a better way using search and semantic technologies. Our research platform is just such a powertool".
Mr. Pradhan was also talking about the main reasons behind selling its research platform and said that the company is aiming to buy-side the investment managers. He said that the company is already having a number of leading funds like the Alliance Bernstein, Oppenheimer Funds and Nomura Asset Management as its clients. According to the Managing Director of Helion Ventures, Mr. Ashish Gupta, "The Gridstone Research is being considered as one of the most promising vertical search companies out there". He added, "By applying search and related technologies to the area of finance and company research, Gridstone has created a powerful value proposition for investment managers. We are delighted to be leading this round and to be part of their mission".
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| Posted : 4/11/2008 |
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