Tuesday, April 23, 2013
SRCH2 Raises Funding, Targets Enterprise Search
The world of search technology is constantly evolving, with new features like autosuggestion, "instant search", autocorrect, mobile support, and more constantly showing up in such services like Google. But, if you're not one of the giants in search, how do you keep up with the constantly evolving features in search? SRCH2 announced today that it has raised a round of funding, and launched its efforts to provide those next-generation search capabilities to enterprises. To do that, it has snagged the funding of Data Collective, Brad Jones of Redpoint Ventures, Horizon Ventures, and TenOneTen Ventures, a new Southern California venture capital firm headed by Gil Elbaz and David Waxman. Size of the funding round was not announced.
SRCH2 said that its software is starting with "instant search", that feature users are now familiar with on Google, where results are displayed instantly as you type in queries, letter by letter. According to SRCH2's CEO, Dev Bhatia, to implement those kinds of instant search features with current technology is slow, and imprecise. The firm said its implementation of "instant search" is 31 times faster than trying to implement those features with existing database and search tools, and can provide a differentiator to e-commerce sites, mobile app providers, and many others.
Significant in this investment round was the participation of both Data Collective--the firm's first Southern California investment--as well as the emergence of a new, Southern California venture capital firm, TenOneOne Ventures. Elbaz--who is also the CEO of Factual--was a co-founder of Applied Semantics, which was acquired by Google and became that firm's cash cow, Google AdSense. Waxman is the co-founder of Firefly Networks, PeoplePC and SpotRunner.
Other investors in this funding for SRCH2 included Dr. Jeffrey Ullman (Stanford), Manyam Mallela (Kosmix), Clark Landry (Shift.com), David Beyer (Chartio), Andy Rankin, and Taher Haveliwala (Kaltix).
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