Tuesday, October 19, 2010

Audio Search Provider Nexidia Secures $23 Million In Funding

ATLANTA, GA. – Oct. 18, 2010 – Nexidia, the market-leading provider of audio search and speech analytics solutions, today announced that the company has received over $23 million in new equity funding to extend business growth and technology leadership in its key markets. The funding will be used to further develop and protect original research in its core technology and intellectual property, and to increase the company’s operational capacity in the contact center and other markets worldwide.

New investors in this round are BlueCross BlueShield Venture Partners, Sandbox Industries and HarbourVest Partners. They join existing investors HIG Ventures, Paladin Capital Group, Boston Millennia Partners, Morgan Stanley and Cordova Ventures, all of whom added to their equity stake in the company.

"When we invest in high growth companies we look for reliable predictors of commercial success," said Ian Lane, Vice President at HarbourVest Partners. "The company must have a differentiated and defensible technology, provide a substantial and tangible ROI to their customers, show demonstrated traction addressing a large market opportunity, and be led by a management team with a proven ability to execute in a fast paced environment. In Nexidia's case, the team has utilized their patented phonetic technology to create a portfolio of applications that address the universal challenges of creating better products, delivering more effective customer service, and improving profitability."

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