ATTENSITY ROUND OF FUNDING BEING LED BY IN-Q-TEL
August 5, 2002
Salt Lake City, UT
Attensity Corporation, the emerging leader in text extraction solutions, announced today a $3.4M Series A round of financing that is being led by In-Q-Tel, Inc., a private not-for-profit venture group funded by the U.S. Central Intelligence Agency. Other institutional investors are participating in the round, including Germany-based Triangle Venture Capital Group. This round will bring the total amount of capital raised by Attensity to more than $6M.
Attensity and In-Q-Tel
Attensity has worked with In-Q-Tel since January 2002 when the company’s advanced text extraction technology was selected for a pilot. The funding from In-Q-Tel includes an equity investment in Attensity and also a revenue component for Attensity, making In-Q-Tel both an investor and a strategic customer.
Attensity’s technology addresses one of the most difficult and pervasive information technology challenges facing government agencies that collect and analyze intelligence for national defense and homeland security,” said Gilman Louie, In-Q-Tel’s president and CEO. “The amount of text-based information generated by these agencies on a daily basis is overwhelming. They need automated solutions that extract structured events and relationships from text records so that the information can be aggregated and analyzed quickly and effectively. We set out looking for a best-of-breed text extraction solution to address this problem and we found our answer in Attensity.”
“We are excited about having In-Q-Tel as both an investor and a customer,” said Todd Wakefield, Attensity’s president and CEO. “Information overload is a challenge facing government agencies and commercial customers alike. By putting our technology through a demanding series of tests and reviews before deciding to adopt and invest in it, In-Q-Tel not only confirmed Attensity’s readiness for the rigorous demands of the intelligence community, but they have undertaken an instrumental role in helping to ensure that our solutions are ready for the commercial marketplace.”
About Attensity Corporation
Attensity Corporation develops innovative text extraction solutions that leverage breakthrough linguistic processing technology to extract valuable information from natural language text sources. The extracted information is then stored in a structured format so that it can be effectively analyzed for better decision making. The company offers solutions for both the commercial marketplace and government agencies. Attensity Corporation is a privately held company headquartered in Salt Lake City, Utah and with an office in Mountain View, California. Founded in 2000, Attensity’s technology is the culmination of nearly a decade of research at the University of Utah, whose computer science department has spawned companies like Adobe Systems, Evans & Sutherland, Netscape, Pixar, and Silicon Graphics. Additional information about Attensity is available at www.attensity.com.