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

News Around the Web