Vienna, VA (PRWEB) May 5, 2006
Innovectra Corporation, the only full service local search software and services company, today announced the close of its B round of funding. Longworth Venture Partners, a Boston-based technology-focused investment firm, has joined current investor, Edison Venture Fund, in closing the $4 million round. Innovectra will use the funds to expand the footprint of its ActivSearchTM local search engine portal and continue the rollout of its LeadstreamTM pay-per-call platform.
Innovectra is poised to capitalize on the rapidly growing local search market, which according to The Kelsey Group, is projected to reach $4 Billion by 2009. The company’s flagship local search engine ActivSearchTM uses advanced search algorithms, a customized needs-based ontology and best-in-class data mining and classification technology to deliver superior local search results. The company’s LeadStreamTM platform is a full-service pay-for-performance online advertising solution that publishers and search engines can use to monetize their site traffic. Innovectra’s customers include AT&T, Dex, Verizon, ALLTEL, R.H. Donnelley, Yellow Pages Group, and more.
LeadStream advertisers are assigned a unique, trackable phone number which is displayed on ActivSearch, Google, Yahoo! and numerous other search engines when a prospect searches for that particular company or product. Calls to the unique number are forwarded to the advertisers’ regular number and the advertiser pays only for phone calls received.
“Pay-per-call takes what is great about the Google pay-per-click model, ROI accountability, and makes it viable for local businesses that are more willing to pay for a phone call than a click,” said Chris Scotton, President and CEO of Innovectra. Added Scotton, “With increased demand from local businesses for this type of online advertising, Innovectra recognized the time was right to raise a B round to help Yellow Pages publishers take full advantage of the opportunity.”
Peter Roberts, General Partner at Longworth said, “Innovectra has blue chip customers, outstanding search technology and an impressive management team. They are well positioned to become a major player in local search and pay-for-performance advertising.”
About Longworth Venture Partners
Longworth Venture Partners is a Boston-based venture capital firm that invests in early-stage software, internet and media companies. For over twenty years, the Longworth team has founded, built and led investments in some of the most innovative and successful technology companies. The firm combines a proven track record of entrepreneurial and operating success with top venture investing performance to support entrepreneurs in building the next generation of technology leaders. For more information please visit http://www.longworth.com.
About Edison Venture Fund
Established in 1986, Edison Venture Fund partners with entrepreneurs, service providers, and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to 20 million revenue), information technology businesses located in the Mid-Atlantic region. Initial investments range from $3 to 5 million. Edison typically serves as a sole or lead investor. In addition to providing expansion capital, Edison funds management buyouts, spinouts and secondary stock purchases. Edison’s investment professionals are based in three offices: Lawrenceville, NJ, Bala Cynwyd, PA, and McLean, VA. For more information, visit http://www.edisonventure.com.
About Innovectra Corporation
Innovectra Corporation is the only full service local search software and services company and the first to deliver an integrated electronic Yellow-and-White pages directory platform. Innovectra provides a complete suite of interactive online media products and services that “profitize” local search, including ActivDirectoryTM, a technology-driven platform that quickly converts print products into a high-quality local search format and ActivSearchTM, an innovative local search engine platform providing: content data extraction and classification; “needs-based” local search functionality; print ad presentation and creation and robust, multiple language naturalization. Innovectra also offers LeadStreamTM, an integrated pay-per-performance online advertising platform. Innovectra is an indispensable partner to major publishers in North America, Europe, and Asia. For more information visit http://www.innovectra.com, or view one of our client sites which include: http://www.alltellocal.com, http://www.ypmetro.com, and http://www.ypunited.com.