Innography Continues Building Market Momentum and Readies for Accelerated Growth
Innography, the intellectual property business intelligence company, today announced they have secured a $3 million second round of funding from their existing investors, led by Austin Ventures and Covera Ventures. In support of continued market momentum, the additional investment will accelerate Innography's overall expansion in several key growth areas.
"To date, Innography has demonstrated stellar performance and indicators show 2010 will be another record-setting year," said Chris Pacitti, general partner at Austin Ventures and Innography board member. "We believe Innography is already well-positioned as an industry leader and is now poised to further accelerate customer acquisitions, strategic partnerships and product development."
"Innography has proven that there is a real need by organizations to better comprehend, evaluate and leverage the true value of their IP," said Steve Coffey, managing director at Covera Ventures and Innography board member. "Innography now has an opportunity to gain even greater market traction as they continue executing against their business plan."
Since raising Series A financing in August 2008, Innography has been on a steady growth trajectory. To date, Innography has expanded their customer base by 300 percent and increased revenues by 500 percent. Innography now has more than 100 customers around the world, with a majority being Fortune 2000 companies. The $3 million infusion of funding will be used toward tripling growth over the next two years.
"Innography helps companies make better and faster decisions as it relates to how IP intersects with their strategies and day-to-day operations," said Rob Lynch, CEO of Innography. "During recent times when many businesses experienced sizeable declines, we have been very fortunate to realize notable increases in overall growth and market share."
Innography enables organizations of all sizes and industries to benefit from rapid results and cost savings when utilizing Innography's intellectual property business intelligence software platform. By uniquely correlating patent and trademark data with key business information, Innography gives users valuable, real-time visual insights to:
- Generate suitable prospects for revenue-producing licensing activities
- Discover and preempt points of exposure to litigation
- Identify emerging market opportunities, trends, and threats
- Reveal critical information when evaluating M&A candidates
- Improve the strength and marketability of new technologies and inventions
Innography is available as a web-enabled subscription service. There are no installation requirements, and full support and software updates are included.
About Austin Ventures
Austin Ventures ("AV") has worked with talented entrepreneurs to build valuable companies for nearly twenty-five years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With an investment focus on business services and supply chain, financial services, media and information services, software and Internet, and Texas special situations, AV invests at all stages of company development, from $100,000 in "planned experiments" in early stage ideas to $100+ million investments in expansion rounds, minority recapitalizations, and buyouts of lower middle market growth companies. AV's strategy is to partner with talented executives and entrepreneurs through its CEO-in-Residence and Entrepreneur-in-Residence programs. Visit www.austinventures.com for more information.
About Covera Ventures
Covera Ventures is a venture capital firm focused on investing in early-stage technology companies with a primary focus on infrastructure, wireless and mobility, software, and technology-enabled service companies. Covera Ventures has offices in Austin and Dallas and invests on a national basis with a particular focus on the Texas region. Our team of experienced investment professionals is committed to working with entrepreneurs to build great companies that address unmet needs in the marketplace. In addition to providing capital, we leverage our broad industry knowledge, relationships and investment experience to complement the strengths of the entrepreneur. The principals of Covera Ventures have a significant history and track record in building entrepreneurial companies. Covera Ventures, formerly known as Hunt Ventures, spun out from Hunt Consolidated, Inc. in August 2009. For more information, please visit www.coveraventures.com.