|
Cogito Closes $6.7M Tranche For Series B, Targets $11.7M Total
Provo, Utah(VENTUREWIRE) -- February 25, 2005 - Data storage and analytics software provider Cogito Inc. has closed a $6.7 million first tranche of Series B financing, and expects to close the round in April with $11.7 million.
New investors UV Partners and vSpring Capital co-led the round, with participation from existing shareholder Canopy Group. The three firms contributed $5 million to the round, which also included $1.7 million in bridge financing from previous individual investors.
Cogito expects to close a $5 million second tranche from UV Partners, vSpring and Canopy in April, according to the company's founder and CTO Dallas Noyes. The additional funding is tied to milestones that include naming a chief executive and completing and April release of a 64-bit version of its software, he said.
Cogito's flagship offering is the Knowledge Center - a database platform designed to interpret relationships between large scale sets of data. Noyes said that the software can be used for modeling social networks, as well as analyzing battlefield situations and national security threats.
The firm sells the product to customers including NCI Information Systems Inc. and Booz Allen Hamilton Inc. Cogito also has a contract with Silicon Graphics Inc. for a data fusion project between the Federal Bureau of Investigation and the Department of Homeland Security. As part of this program, the Cogito platform will be used to pull data from the two agencies and analyze the data to detect threats to homeland security.
Noyes said his company expects to take in about $10 million in revenue in 2005, and expects to reach cash flow positive by August. Cogito does not anticipate raising additional venture capital.
Cogito was founded in 1999, and previously raised $3 million in Series A funding that year from Canopy Group.
As a result of the round, Stead Burwell, a partner with UV Partners, and vSpring Managing Director Paul Ahlstrom will join Noyes, Canopy Group CEO Bill Mustard, Cogito's interim CEO Kyle Love and Carla Corkern - chief operating officer for Vykor Inc. - on the company's six-member board.
Based in Provo, Utah, Cogito has sales offices in Colorado Springs, Colo. and Huntsville, Ala. The company has 24 employees and expects to expand to more than 50 by the end of the year, hiring largely in sales, marketing and engineering.
www.cogitoinc.com
return
|
