Aggregate Knowledge Raises $20 Million to Extend Leadership in the Online "Discovery" Market
Rapidly accelerating revenue growth and customer momentum drive DAG Ventures and Kleiner Perkins to invest in Aggregate Knowledge’s Series B round
San Mateo, CA—April 11, 2007—Aggregate Knowledge, the leader in the new category of Online Discovery, today announced it has closed a Series B financing round of $20 million. Leading the round is DAG Ventures. Also participating in the round is Kleiner Perkins Caufield and Byers, the company's original Series A investor. The latest round brings total investment in the two-year-old company to $25 million.
Aggregate Knowledge's Collective Discovery Service™ emulates the way people naturally discover information and shop offline. Discovery moves far beyond traditional keyword search by tapping into the actual, collective behavior of other online users to anticipate and surface the content for which users are actually looking. By employing a super computing architecture, which anonymously aggregates billions of data points in real time, the content delivered instantly adapts to changing consumer behavior. Deployed as a web service, Aggregate Knowledge's Discovery Services can be up and running on customer sites in two weeks and employs a unique pay-for-performance pricing model.
"Aggregate Knowledge stands out among the new crop of Internet service companies in three important ways: they are leaders in a new game-changing market category, they have name-brand customers, and they have strong and growing revenues," said Greg Williams, general partner of DAG Ventures. "They have the potential to radically change the way retailers sell products online, how publishers share content, and how users navigate the web. It was an easy decision for DAG to lead this round of investment in Aggregate Knowledge's rapid expansion."
Aggregate Knowledge is already powering Discovery for over 50 million unique visitors per month for its growing portfolio of customers. Those customers include major online publishing companies and retailers, such as the WashingtonPost.com and Overstock.com. The company is now also working with Internet service providers and community sites. "We are seeing click-through rates on our ISP Discovery Window that exceed 10%. At this click-through rate, the Discovery Window is the primary navigation metaphor for the entire portal," said Chris Law, Aggregate Knowledge's vice president of product.
"Discovery has the potential to be every bit as significant as search," said Randy Komisar, partner at Kleiner Perkins. "Making unexpected connections among all the different kinds of content a user may care about is the flip side of typing specific words in a box in order to find something you know you are looking for. We're watching the discovery concept take hold in real time through the success of Aggregate Knowledge's customers, who are experiencing higher sales, page views, and customer satisfaction. The additional investment we've made in the company assures Aggregate Knowledge will continue to lead this rapidly growing market opportunity."
In January, Aggregate Knowledge announced availability of its first products for online retailers and media companies, which offer customers relevant suggestions on their own sites. Later this year, the company will offer its Collective Discovery Network, the industry's first service to bring discovery across multiple online sites. Aggregate Knowledge's Collective Discovery Network surfaces relevant content regardless of type or location. Rather than merely displaying the DVDs that relate to other DVDs or surfacing news stories that relate to other news stories, the Discovery Network identifies the implicit relationships between items across the Internet and presents the most relevant and timely content to any user, in any location. When Discovery is network-enabled, both shoppers and site marketers find more appropriate, contextually relevant opportunities in which to engage. The result of this engagement is demonstrably increased page views, higher click-through, and increased order volumes.
"Our goal is to bring the delight of serendipitous discovery to the online world," said Paul Martino, Aggregate Knowledge's founder and chief executive officer. "Our customers' experience is proving that this is a powerful concept that has far reaching implications for online businesses and users alike. Our investors are our partners in making this concept a reality."
The funds will be used to execute Aggregate Knowledge's wide-ranging strategy to bring serendipitous discovery online. Its product roadmap includes discovery services for online retailers, media sites, networked sites, email marketing, and mobile and other devices. (See related press release).
About Aggregate Knowledge
Aggregate Knowledge provides the Pique Discovery Network. The Pique Discovery Network connects consumers to the hottest products, hidden content gems, and coolest items from industry leading retailers and media companies. Pique Discovery Network companies improve engagement and sales conversions, create new revenue opportunities and deliver differentiated experiences on their web sites. Aggregate Knowledge was recently acknowledged as an AlwaysOn Media 100 winner, a Supernova Connected Innovator and was selected as a “Ones to Watch” company by Dealmaker Media. Aggregate Knowledge is funded by premier venture capital firms Kleiner Perkins Caufield & Byers, DAG Ventures and First Round Capital.
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Media Contact:
Krause Taylor Associates for Aggregate Knowledge
Nicole Côté
408 918-9085 direct
408 918-9080 main
nicole@krause-taylor.com
Aggregate Knowledge, the Aggregate Knowledge logo, Aggregate Knowledge Discovery, Pique, Pique Discovery Network, Pique Onsite, Pique Multi-Site, Pique Email, Pique Affiliate, Pique Discovery Engine, and the Pique Discovery Window are trademarks of Aggregate Knowledge Corporation in the United States, other countries, or both. All other company, product, or service names may be trademarks or service marks of others. All statements regarding plans, directions, and intent of Aggregate Knowledge are subject to change without notice.
