The new round effectively doubles in4 Ltd’s funding (the Budapest company behind iGlue), after initial investment from Hungary-based Power of the Dream Ventures (PDV).
This values in4 at over $5.5m, according to Viktor Rozsnyay, CEO of PDV.
“I am extremely happy that other investors are beginning to see the value proposition of this phenomenal software. This second investment not only doubles our original commitment, it does so at a valuation point I am especially proud of. Of our original 40% equity we only gave up 1.5% in this round”, says Rozsnyay.
iGlue says it will use the new funding to launch its automated and hand annotation tool and to “complete additional feature development work.”
Unveiled at TechCrunch Europe’s recently held Geek ‘n’ Rolla event in London, iGlue creates an additional information layer over web pages by using natural language technology to understand its content. The browser widget recognizes names of relevant entities, such as people, geographical locations, institutions etc. and on the spot displays related data, images, videos, events in a timeline. Here’s a short presentation on what it’s all about.
The user community can also add their own entries and data, potentially turning any website into a Wikipedia-like resource, hence the “wikify the web” description offered by CEO Péter Vaskó.