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$483K of investment for Free Web Service Start Up
February 11th, 2011 1 comment
The Minnesota, MN, free web service start up company, Inveni, announced that it has raised a total $483,333 in seed funding. The investment companies that led this round of financing were some Silicon Valley based venture capital firms that did not want their identities to be revealed.
Inveni is a browser plug in and web service that provides greatly personalized product suggestions based on a client’s overall taste profile. In order to create a personalized profile of taste, the company enables users to combine the product and service ratings that they have made on the internet on websites like Hulu or Amazon and rapidly build profound and rich profiles of their own tastes. Customers can share this taste profile information with their friends and other online services. Inveni also allows product recommendations among friends using word to mouth, based on the tastes and it utilizes a distinctive crowd refined recommendation engine in order to supply recommendations that are extremely personalized.
Inveni’s founder, Aaron Weber, stated in an interview that the company has as advisors the former NetPerceptions executives, which are the creators of the collaborative filtering software that drives the recommendation engine for Amazon. Although there are similarities between Inveni’s technology and Amazon’s and Netflix, Mr. Aaron Weber, the company’s founder, stated that there are some differences between the two and Inveni. Inveni’s users are able to publish the movies and TV shows that they have watched, this leading the website to ask friends and other Inveni members what they should look at next. This thing is different from the fully automated algorithms.
Mr. Aaron Weber also stated that the crawling is just one component of the recommendations and says that the contractors, staff and the website’s users create most of the connections. The company has been using a bot to crawl other websites on the internet which offer user generated content recommendations, for example websites that give the permission to its users to recommend TV shows and movies among themselves. This thing intends to help the company staff to make recommendations at a faster pace.
The company officials say that Inveni will focus on TV and movies, but there are also plans to expand beyond Hollywood, possibly to move towards music and books.
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[…] This post was mentioned on Twitter by Michael T Brown, Alltop VC. Alltop VC said: $483K of investment for Free Web Service Start Up