RealTime IT News

Comet Systems Secures $7 Million in Second-Round Financing

Comet Systems, developer of the Comet Cursor, a patent-pending, rich media technology used for advertising and branding, closed a $7 million second round of financing.

The lead investor in the round is Scripps Ventures. Follow-on investors include MacAndrews & Forbes Holdings, PS Capital Ventures, Hudson Venture Partners LP, Advantage Capital, Carlin Ventures and Value Capital LP. First round investors Prospect Street Ventures and Bob Lessin are increasing their investment in Comet Systems.

Comet said it will use the money to further its sales and marketing efforts, and to continue the development of the Comet Cursor technology into the areas of e-commerce and online advertising. Comet said it has recorded 6.6 million unique users in its first 10 months of product release.

Among the early users are Yahoo!, Lycos, and AltaVista; ad networks Flycast, DoubleClick and Ad Knowledge; and advertisers BellSouth, Virtual Vineyards, Energizer Battery Company and MSNBC. Licensees for content include Warner Bros. Online, AT&T WorldNet, Comedy Central, Mattel and Universal Studios Online.