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Boston, MA - December 5, 2003
Nexidia Completes $7.5 M Series C
Boston Millennia Partners is pleased to announce its recent investment in the $7.5 million Series C financing of Nexidia, Inc., the developer of the world's most advanced and accurate solutions for audio-video searching and intelligent mining.
Investors in the Series C funding include the company's existing lead investors, Boston Millennia Partners and H.I.G. Ventures, existing investors Cordova Ventures and ATA, and new investor Paladin Capital Group. Lt. General Ken Minihan, USAF (Ret.), a General Partner of Paladin Capital and former Director of the National Security Agency (NSA), has joined the company's Board of Directors. Nexidia intends to add additional outside board members to increase the company's reach into its target markets.
"We strongly believe there is a large market opportunity for solutions that allow call centers, enterprise portals and government agencies to increase productivity by more fully leveraging their audio-video assets. Today's announcement is a testament to the fact that experienced technology investors also believe in our business model and the ability of the NEXminer suite of solutions to power productivity gains," said Ray Naeini, CEO and President of Nexidia.
"Our initial investment in Nexidia was motivated by the numerous potential applications in industry and government agencies for the company's unique, phonetics-based search engine," said Board member Jean-Yves Lagarde of Boston Millennia Partners. "Our participation in the current round of funding recognizes the remarkable strides made by the company in transforming this technology into a robust solution suite addressing a number of industry requirements, and in particular, business productivity issues."
About Nexidia
Nexidia is a global company offering IT productivity solutions by transforming audio-video content into information and knowledge that is valuable to government agencies and businesses such as call centers, financial services companies, regulated businesses, media companies and portal service providers. Nexidia's open system IT-compatible products effectively index, search, mine, extract knowledge from, and manage audio-video content. Available as either a standalone application or integrated with leading content management, enterprise portal, and digital asset management systems, Nexidia's solutions are engineered to meet the demanding needs of government agencies and commercial enterprises that require mission-critical performance. As the only technology to fully leverage the actual phonemes that define human speech without using speech-to-text conversion, Nexidia delivers the fastest and most accurate solution available for compliance, discovery and knowledge management applications. Nexidia is based in Atlanta, Georgia, with sales and support representation throughout North America and Japan. For more information, visit www.nexidia.com.
About Boston Millennia Partners
Boston Millennia Partners is a private equity investment partnership managing over $700 million in capital. From its office in Boston, Millennia Partners invests in high-growth businesses in the healthcare and life sciences, information technology and business services, and telecommunications industries. Typical investments range from $3 to $15 million. The managers at Boston Millennia Partners have funded over 120 companies in the U.S. private equity market since 1980. Portfolio companies with whom they have invested include PAREXEL International (NASDAQ: PRXL), ILEX Oncology (NASDAQ: ILXO), Verio/NTT Communications (NYSE: NTT), Proteome/Incyte Genomics (NASDAQ:INCY), and HotJobs/Yahoo (NASDAQ: YHOO), among others. For more information, please visit www.millenniapartners.com.
Contact:
Adrienne Stinson
Boston Millennia Partners
617-428-5150
adrienne@millenniapartners.com
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