Corks Pop at InterNetivity Inc.
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[Ottawa, ONTARIO] InterNetivity Inc. became one of the first Canadian Internet companies to receive major funding in 2001 when U.S. investors pumped $10 million (CDN) into the company's Web-based data analysis software, databeacon.
Databeacon allows users to add interactive analysis and reporting capabilities to any Web site containing HTML data tables without software installation. A Web server allows users to transform source date into a date cube: a format usable by the databeacon viewer. The server stores a profile for each registered databeacon.com user.
The primary source of funding is from Boston-based Venture Investment Management Company LLC (VIMAC), for $3.8 million (CDN). Based in Boston, VIMAC is the successor to VIMAC Corp. and VIMAC LP, which began funding start-up companies in 1982. VIMAC primarily seeks to originate or lead start-up investment rounds, and focuses on investments in three segments of the technology industry: software and information technology; Internet infrastructure and services; and communications.
In addition to VIMAC, investors include The Business Development Bank of Canada (BDC), investing $1.1 million; and Actuate Corp., a San Francisco-based e-business software company and a databeacon Original Equipment Manufacturing (OEM) partner, which added $750,000. Existing investors McLean Watson Capital Inc., Sussex Capital Inc. and Ventures West Inc. also contributed to the capital infusion. The funds will be used to increase staff from 60 to 100, promote product and brand recognition, and lease new facilities.
Surfers enabled with databeacon software can capture static data from HTML tables anywhere on the Web and transform the information into multi- dimensional color charts that can be sorted and analyzed to report on past performance or spot emerging trends. Unlike other data reporting and analysis tools, databeacon requires no software installation and training and simply loads into a user's browser as a compact JAVA applet.
InterNetivity is based in Ottawa, Canada, with sales offices throughout North America. The company is privately held and backed by venture capital investors.