Rich May News: 2005
July 22, 2005
Rich May Counsels Client Cymfony in Securing $7 Million in Series D Funding Led By Ascent Venture Partners
Rich May recently counseled and represented client, Cymfony, a leader
in real-time business intelligence, market research and automated media
analysis, through a deal that secured $7 million in venture capital
round to be used to expand development and marketing of Cymfony’s
award-winning business intelligence product line. Cymfony selected
Boston-based Ascent Venture Partners among several choices to lead the
round. Existing investors Trident Capital and Hearst Interactive also
participated in the round.
Cymfony’s media analysis solutions, Cymfony Dashboard and Digital
Consumer Insight (DCI) are experiencing tremendous acceptance and
adoption among leading corporations around the world, helping marketers
guide communications and marketing strategies. This demand for
solutions to monitor and analyze consumer-generated media drove the
company to expand aggressively and seek additional funds.
“Cymfony will use these funds to expand offerings for the dynamic $6
billion dollar marketing research sector driven by the explosive growth
of consumer-generated media, viral marketing and word of mouth
marketing,” said Cymfony CEO Andrew Bernstein. “We also will also make
a substantial investment in global sales and marketing and consider
strategic acquisitions. Ascent provides vital experience and expertise
as Cymfony expands the reach and impact of its services and solutions.”
Cymfony’s solutions also help corporations measure, track and analyze
reputations across a broad range of media. This includes
consumer-generated media such as blogs, message boards and online
usernet groups, as well as traditional media. Cymfony’s proprietary
natural language processing technologies monitor media coverage in real
time, benchmark performance and compare company brands against
competitors. Cymfony also provides qualitative and predictive market
research and analysis to brand managers, market researchers and
marketing and communications professionals to identify and stay ahead
of industry trends.
“The enthusiasm for Cymfony’s solutions among the company’s customers,
partners and employees is truly compelling, and a good predictor of
future success,” said Chris Lynch, Partner at Ascent Venture Partners
who will be joining Cymfony’s Board of Directors. “We believe there is
a significant opportunity for Cymfony to provide corporations with
customized yet easy-to-use solutions that address critical business
issues, such as the influence of the blogosphere and the need to
measure marketing ROI. We are excited to join forces with Cymfony’s
Board of Directors, management team, employees and partners in
delivering a powerful technology solution that is rapidly becoming a
must-have business intelligence tool at Fortune 1000 companies.”
Cymfony has enjoyed dramatic growth – including a tripling of its
customer base – as the emphasis in the areas of business intelligence
and market research has increased. Going forward, Cymfony plans to make
additional investments and expand its offerings to provide current and
future users with new analytics to correlate external sales and
industry data.
Click here for additional information
About Cymfony, Inc.
Cymfony is an award-winning media measurement, market research and
business intelligence company providing software and services to
leading corporations throughout the world. The Cymfony Dashboard series
of solutions are used to measure, analyze and manage global brands and
understand perception from both traditional and consumer-generated
media including blogs, messages boards, usenet groups and forums.
Cymfony’s business intelligence solutions are powered by Cymfony’s
InfoXtract TM technology, a leading advanced information extraction and
analysis engine used by United States government and intelligence
agencies. For more information or to schedule a demonstration of
Cymfony Dashboard or Digital Consumer Insight, contact Cymfony at (617)
673-6000 or visit the web at http://www.cymfony.com
About Ascent Venture Partners
Since 1985, Ascent Venture Partners has been dedicated to partnering
with seasoned management teams to build successful technology
companies. Investments are sized from $2 to $8 million and focused on
the New England and Mid-Atlantic regions. Ascent seeks to be actively
involved, offering sound strategic advice, leveraging its broad network
and working patiently with portfolio companies to overcome challenges.
Ascent takes pride in the number of entrepreneurs who return to work
with the Ascent team on multiple investment opportunities. Ascent has
raised four venture funds totaling $400 million and has invested in
over 80 companies, including a number in the data analysis and
marketing technology sectors. For more information, visit www.ascentvp.com.
About Rich May
Rich May’s diverse practice embraces the organization and operation of
business ventures, venture capital, private placements, hedge funds,
public offerings, technology licensing, mergers and acquisitions,
contracts, joint ventures, internet and e-commerce law, employee
relations, intellectual property, litigation and dispute resolution,
energy, telecommunications, public utilities, wealth planning and real
estate. Rich May provides superior legal and strategic counsel through
its extraordinary commitment to clients’ success, outstanding
professional competence and straightforward ability to communicate.
Rich May embraces an entrepreneurial spirit and maintains a mission
execution culture that distinguishes Rich May from other law firms.
Rich May combines the stability and experience of one of Boston’s
oldest preeminent law firms with the innovative spirit and energy of a
venture catalyst intensely focused on serving high-tech entrepreneurs,
emerging companies and investors in New England and throughout the
United States.
For more information, visit www.richmaylaw.com.
