BUDAPEST, Hungary, September 15, 2011 /PRNewswire/ --
Today Gravity, the Hungarian recommendation systems developer raised nearly USD 2 million investments from PortfoLion, the venture capital arm of OTP, the largest independent banking group in Central and Eastern Europe. Gravity will use the investment to strengthen its presence in the US and in Asia.
The investment is double size of Netflix Prize, the most famous data mining and recommendation competition that was closed in 2009 and where Gravity's team had been ranked as second. After the competition members of the university research group set up Gravity R&D and became a leading recommendation system developer in Central and Eastern Europe.
Gravity raised close to USD 1 million Venture Capital investments in 2009 and 2010. Currently the company has over 50 customers and partners in 12 countries on four continents including a constant Alexa Top 50 website.
In this funding round, all former investors are co-invested with Portfolion.
The promise of Gravity successfully combining a state-of-the art product with an experienced management team - said Peter Oszko CEO of PortfoLion, former Hungarian Minister of Finance.
The key to Gravity's growth is the outstanding engagement and unique innovative approach of our team. We believe that recommendation systems are the next big marketing tool after search and social media - said Peter Csikos CEO of Gravity.
Gravity's self learning, collaborative filtering based recommendation system provides personalized product recommendations for IPTV, cable TV providers, e-commerce and e-media companies thus increasing their revenue by 8-12 percent from their current customer base.
Gravity - Rock Solid Recommendations is one of the fastest growing technology companies in the CEE region. The company currently has 40 employees, headquartered in Budapest having representatives in most European countries including Germany, UK, France, Poland, Czech Republic and the Benelux countries, in developing markets like Romania, Russia, Turkey, Serbia. After establishing an office in New York the company plans to further expand to the US market next year.
For further information:
TOTH, Istvan, PR
SOURCE Gravity – Rock Solid Recommendations