Data Search Systems Closes Initial $2,000,000 Financing Round DSSI to develop very fast technology for searching unstructured data

Data Search Systems, Inc. (DSSI) announced the closing of its initial capital raise-a private $2,000,000 Preferred A stock offering. Incorporated in April 2003, DSSI was formed to license and commercialize high speed data searching technology developed at Washington University in St. Louis. DSSI plans to locate its offices at the Center for Emerging Technologies, in the City of St. Louis.

For Release: 4 July 2003
Contact: Ben Brink, CEO, 314-397-4400 (cell)
Available for interviews over the 4th of July holiday

Data Search Systems Closes Initial $2,000,000 Financing Round

DSSI to develop very fast technology for searching unstructured data

ST. LOUIS, MO (PRWEB) 4 July 2003 - Data Search Systems, Inc. (DSSI) announced the closing of its initial capital raise-a private $2,000,000 Preferred A stock offering. Incorporated in April 2003, DSSI was formed to license and commercialize high speed data searching technology developed at Washington University in St. Louis. DSSI plans to locate its offices at the Center for Emerging Technologies, in the City of St. Louis.

The St. Louis-based investor team is lead by James V. ODonnell of Bush-O'Donnell & Co., Inc., a holding company with interests in insurance, money management, investment banking and manufacturing. Said J.J. Stupp, DSSI CFO, We are bringing together St. Louis technology and St. Louis investors, with the potential to build a world-class enterprise."

The business management team is lead by Ben Brink, Chief Executive Officer, who has over 20 years experience leading start-up, development, and product stage technology companies in Silicon Valley and Southern California. I came back to St. Louis with the conviction that there is more available technology per dollar here in Americas heartland than in the traditional, high-tech centers on the coasts," said Brink.

The DSSI technology is proof-a significant technology breakthrough providing the opportunity to exploit large and rapidly growing markets. Our first market, intelligence and homeland security has a critical need and significant potential." Stupp, a highly regarded St. Louis entrepreneur and founder of a successful publishing company, is the Companys Chief Financial Officer.

DSSI technology addresses the need to perform fast, reliable searches of large unstructured (non-indexed) databases. Stored data, such as e-mail, images, web pages, corporate archives, and bio-informatics, are commonly not structured. Only 20% of all data collected is structured, leaving 80% of data unstructured. According to a Merrill Lynch study (Christopher Shilakes, Scott Phillips, Ed Maguire, Merrill Lynch In-Depth Report", 11/20/00), the total unstructured data management (UDM) software market will grow to $4.7B in 2004 and grow over 30% per year for the foreseeable future. There is a tremendous amount of unstructured data needing management and growing rapidly. The storage industry will ship approximately four million terabytes (one terabyte = 1012 bytes) of data capacity in 2003, a significant portion of which will be used to store unstructured data.

Hardware and software products developed using DSSIs technology have application in large and growing markets addressing intelligence, security, scientific research, intranet, Internet, and storage server applications. DSSI believes that it has the potential to capture a significant portion of these large, growing markets.

Laboratory prototype systems at Washington University are already demonstrating searches on single disk-based test databases faster by two orders of magnitude (100 times) than current search technologies. Simulations indicate potential for even more significant speed improvement-including scalability across disk arrays. During its first year of operations, DSSI intends to develop, build, and test additional demonstration prototypes and install Beta units at potential customer sites. Professor Ron Indeck of Washington University states that, This approach combines the flexibility of software solutions with the speed of specialized hardware."

The Washington University-based technology team includes: Indeck (Director of the Center for Security Technologies and Das Family Distinguished Professor); Mark Franklin (Urbauer Professor of Engineering); Roger Chamberlain (Director of Computer & Communications Research Center); and Ron Cytron (Director of the Center for Distributed Object Computing). The basic research was multidisciplinary," says Chamberlain, and Washington University was uniquely poised to take advantage of the underlying technologies by having a strong, interdisciplinary team available and in place."

Statements in this release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors such as: delays in product development; development cost overruns; market acceptance of new products or services; possible competitive technologies; and entry into markets with vigorous competition.

For more information:

Ben Brink, CEO, 314-397-4400, ben@benbrink.com