DeepDyve Raising $5 Million First Round For ‘Complex’ Data Search Engine
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DeepDyve, a search startup that can take queries of up to 20 words long, is in the process of raising a $5 million first institutional round, VentureWire reports. The Sunnyvale, Calif.-based startup previously raised $9 million in angel funding, which it used for product development. The new money will be used for marketing, and to help get the company profitable before it expands to markets like business and financial search. DeepDyve currently searches through patent filings, white papers and other documents for life science and medical research.
The startup currently charges $45 per month for its DeepDyve Pro product, which lets users store and organize their search results; they can also set up alerts and get links to related blog posts. It splits half the revenue with content publishers. DeepDyve was co-founded in 2005 by Dr. Qianjin Hu, a bio-information scientist who was looking for a better source of genetic research info than consumer-facing search engines like Google and Yahoo. Former Acxiom exec William Park serves as CEO; the startup also counts Steve Wozniak on its advisory board. NextBio, a rival scientific search engine, raised $8 million in funding from Newbury Ventures last month.
Posted In: Money, M&A & Venture Capital, Venture Capital, Search
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