Eliyon, a Next Generation Content Provider, Raises $7 Million in First-Round Growth Capital from Venrock
Eliyon's technology is the first successful large-scale implementation of knowledge extraction and aggregation of business information from Web sources. Eliyon's automated tools continually visit millions of news sources, Web sites, SEC filings and press release distribution sites. Using artificial intelligence and natural language processing, the tools "read" pages and extract specific information about people, companies, products, services and industries. Millions of records are extracted every day and then integrated with related information to create comprehensive profiles of people in business and of companies and organizations.
The resulting Eliyon database of more than 21 million profiles of business people includes virtually all executives in close to 1.5 million American companies, as well as millions of middle managers and individual contributors in corporate America. Every month some 500,000 new profiles are added and three million existing profiles are automatically updated by adding new information extracted from Web sources. In addition, Eliyon has created a database of information on close to 1.5 million large and small American companies.
"Using a general purpose search engine to find business information is akin to using the phone book for sales prospecting. Eliyon provides a ten-fold advantage over general purpose search engines for business information by allowing users to tightly target their search for the best result, and learn a whole lot more in the process," said Mike Tyrrell, general partner at Venrock. "We believe Eliyon will define a new search category as it proves to be an absolutely indispensable business tool. Eliyon's value will grow as it expands beyond its present stand-alone information service, and increases distribution to become tightly integrated into a broad range of applications and Web services."
"I am proud to be working with Venrock, a pioneer and a leader in the venture capital industry," said Jonathan Stern, CEO and founder of Eliyon Technologies. "Mike Tyrrell, who just joined our board of directors, brings vast experience and many insights to our business from his years at Spyglass, an early Internet company which licensed its product to Microsoft, a product now distributed as Internet Explorer. I look forward to working with Mike to expand Eliyon's business beyond its current subscription model and into other markets and applications."
Eliyon Technologies was initially incubated in Corex Technologies of Cambridge MA, the makers of CardScan, the leader in business card reading products. Jonathan Stern, founder and CEO of Eliyon, is also the founder and CEO of Corex Technologies. Within a few months, Eliyon was spun off to the shareholders of Corex and as a result, three Boston area ventures firms: Flagship Ventures, Ascent Venture Partners and Commonwealth Capital are significant shareholders of Eliyon.
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Lauren Barber ZoomInfo