Zennstrom, Thiel and Others Invest $10 Million in Quid
SAN FRANCISCO, July 25, 2011 /PRNewswire/ -- Quid Inc., which has built a software product that augments human intelligence, transforming complex global information into actionable insight, announced today that it has completed a $10 million Series C funding round.
Since its founding in 2009, Quid has built software that locates, collects, organizes, models and visualizes vast amounts of open information from around the world. The company currently serves Microsoft and other leading international clients, applying Quid software and intelligence to help them understand innovation.
"We live in an increasingly complex world, where billion dollar decisions need to be made against a background of uncertainty," said Sean Gourley, CTO of Quid. "To make superior decisions we have to make better use of the ambient data surrounding us. At Quid we have spent the last 18 months developing custom algorithms to understand this data. By making use of natural language processing, machine learning and network theory we have built a platform which will allow better decisions to be made. With this round of funding we will be able to grow the engineering team, bring these technologies to market and give people new ways to interact and play with the world's information."
Series C participants include Skype co-founder Niklas Zennstrom's London-based technology VC firm Atomico; the American "super Angel" Ron Conway (Google, Twitter, FourSquare); Endeavour Vision, a pan-European VC firm headquartered in Switzerland; Infocomm Investments, the VC arm of IDA Singapore; and follow-on investments by Peter Thiel's San Francisco-based Founders Fund (Palantir, Facebook, Zynga), and founding investor Charles Lho from Korea (CEO Amicus Group and publisher JoongAng Daily). Max Levchin, PayPal co-founder and founder of Slide (now owned by Google), recently joined the Quid Board.
"A round that brings together London, Switzerland, Singapore, Korea, and Silicon Valley reinforces the global nature of the problem we are addressing, and the global potential of the group that solves it," said Bob Goodson, CEO of Quid. "At Quid we are harvesting and organizing the world's information and turning it into actionable intelligence, to yield better decisions that optimize investment and economic development."
With Series C resources, Quid is building advanced interfaces and visualizations, expanding its world-class technical talent pool, and capturing additional data streams.
Quid is an 18-month old, 40-person company located in San Francisco, with investors from the U.S., Korea, Singapore, the U.K., and Switzerland. Quid is building software that captures, structures, and visualizes large amounts of open information, to help companies and governments make more informed decisions. www.quid.com
SOURCE Quid Inc.