Lizzie: What do you think of the focus that this start-up has...??
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Addamark Secures $7 Million in Series A Funding
New Company Focused on Log Management Off to a Flying Start with Signed Customers and Stellar Management Team
SAN FRANCISCO, CA – JULY 15, 2002 — Addamark today announced it has secured $7 million in first round funding led by Sierra Ventures. Other investors include leading venture capital firm Battery Ventures and several angel investors. Addamark enables enterprises to extract business value from extremely high volumes of log data, giving customers unprecedented visibility into business critical information. This financing will enable Addamark to bolster its engineering and sales teams and expand the product roadmap to include additional features and functionality.
"Addamark is the first company we've seen to really hone in and solve the problem of storing and analyzing the huge amount of log data that enterprises produce daily across multiple systems," said Dave Schwab, General Partner, of Sierra Ventures. "Executives are demanding visibility into their systems and networks, and currently there is no cost-effective way to access the critical information necessary to make decisions. With several substantial customer deals already closed, we are very confident that Addamark has the right experience, technology and team in place to fully exploit this new market."
Addamark enables enterprises to store and correlate large volumes of compressed log data from multiple sources including security systems, Web servers and custom applications. By providing centralized access to this log data, enterprises are able to identify and investigate anomalies, deeply understand and report on customer behavior and system usage, and streamline business operations.
"Using Addamark's innovative software, we are able to efficiently store and manage the massive amounts of log data, 24 GB, we produce every day on the Shockwave.com and AtomFilms.com Web sites," said Scott Roesch, Vice President of Online Services at AtomShockwave. "We can easily query the data that allows us to monitor and forecast business activity, and make the right decisions to better serve our customers. Addamark's software enables us to get control of our own log data and enables complete business visibility into what's really happening on our servers."
Addamark's management team consists of start-up and enterprise software veterans who have founded and guided many successful companies including Inktomi, iPIX, Scimagix, Cohera Corporation and Rational. Steve Williams and Dave Schwab from Sierra Ventures and Ravi Mohan from Battery Ventures will be joining the board of directors with current founders Mark Searle, CEO and Adam Sah, CTO.
"Global 2000 companies are struggling to gain control over the tremendous amount of log data that is generated from multiple systems across the enterprise everyday," said Ravi Mohan, General Partner of Battery Ventures. "Addamark is the only solution available that empowers enterprises to extract business value from the mountains of data that until now have been unmanageable and severely under-utilized."
"We have received overwhelming support from the investment community and will use this round of financing to expand operations and bolster our product development efforts," said Mark Searle, Founder and CEO of Addamark. "We have a great team in place and the feedback from current customers and prospects suggests that Addamark's technology is long overdue and will solve a growing problem for enterprises today."
About Addamark
Addamark is a software company that enables enterprises to extract business value from extremely high volumes of log data, giving customers unprecedented visibility into business critical information. With Addamark, enterprises can store and correlate large volumes of log data from multiple sources and run ad-hoc queries to analyze customer behavior and network activity to the highest granularity. Founded in January 2001 by Internet and enterprise software vendors, Addamark is funded by Sierra Ventures and Battery Ventures. For more information please visit us at www.addamark.com.
About Sierra Ventures
Sierra Ventures is a privately held venture capital firm focusing its investments on early stage communications, software and Internet related content and infrastructure companies. As active investors, Sierra works with entrepreneurs and management teams to originate and build new companies into large and profitable businesses. Sierra Ventures manages eight venture capital partnerships, which together have more than $1 billion of committed capital. Sierra investments include Intuit, Micromuse, Stratacom, Active Software, Onlink, and ConvergeNet.
About Battery Ventures
Battery Ventures is a leading venture capital firm focused on technology investments. With a team of more than 60 professionals and nearly two decades of success, Battery has the people, experience, and capital to guide emerging technology companies to category dominance. Since 1983, the firm has invested worldwide in more than 130 companies across the communications, software and Internet/e-Business industries. From its offices in Wellesley, Mass., and San Mateo, Calif., the partnership manages more than $1.8 billion in committed capital. For more information, please visit www.battery.com. |
