Demonstrates Company's Strength and Growth in Expanding Online
Customer Acquisition Industry
REDWOOD CITY, Calif.--(Business Wire)--Adchemy, Inc., a next-generation online customer acquisition
technology company, today announced it has secured $19 million in
funding led by Mayfield Fund with additional investments from Hellman
& Friedman, LLC., and existing investor August Capital. Founded in
2004, Adchemy develops software that is revolutionizing the world of
online customer acquisition by combining advanced scientific
algorithms with Web data to target, engage and qualify customers.
The online advertising market grew by 50 percent from 2006 to 2007
and in the first six months of 2007 generated $10 billion in revenue
in the United States, according to the Internet Advertising Bureau.
Adchemy is building on this market momentum with its current product,
Adchemy Actions(TM), and a new product to be released in the spring of
2008.
The Adchemy Actions product is designed to connect consumers with
companies that are best suited to satisfy their needs, giving
marketers the most targeted information and delivering qualified users
in a cost-effective manner. It has been adopted by a roster of leading
enterprises in the financial services and career education markets
including Charter One, The Art Institute Online of Pittsburgh - Online
Division, Capella University, Saint Leo University and South
University. With Adchemy Actions, customers have experienced a two to
five times increase in average return on investment.
"The market for online advertising is witnessing a gigantic shift
today as consumers and marketers mine the potential of the Web," said
Murthy Nukala, founder and chief executive officer of Adchemy. "As the
economics of online advertising move from a cost per impression or
cost-per-click to a cost-per-action model, marketing departments
transform from cost centers into revenue hubs. This is a profound
shift and we are singularly focused on being a strategic partner to
Chief Marketing Officers across all of their customer acquisition
programs."
"We are active in the online advertising industry and had been
tracking Adchemy for a while. They have strong relationships with
their customers, and a solid reputation for being a highly innovative
company with groundbreaking technology," said Yogen Dalal, Mayfield
Managing Director. "We believe the company has a talented founder and
management team who have a unique vision of how their technology and
algorithms will transform the online advertising landscape."
Yogen joins Rajeev Motwani, Stanford University professor and
co-author of the PageRank paper that led to Google's founding, and
John Johnston of August Capital to serve on Adchemy's board.
"Our partner Adchemy is a highly innovative company with powerful
technology that has enabled us to adopt new approaches to analyze and
target our information to prospective customers," said James Plum,
executive vice president of Charter One.
In addition to venture capital, Adchemy has received investments
from private investors in the Internet and marketing technology space.
They include Georges Harik, co-developer of Google AdSense, Josh
Kopelman, co-founder of Half.com, and investor Terry Garnett as well
as Ashish Gupta, Pat House and M.R. Rangaswami.
About Adchemy
Adchemy develops software that is revolutionizing the world of
online customer acquisition. The company's mission is to combine the
vast amount of data on the Web with its advanced scientific algorithms
to give marketers a powerful product suite designed to significantly
increase qualified users and reduce acquisition costs, turning
marketing into a revenue engine for companies. For more information,
visit www.adchemy.com.
Access Communications for Adchemy
Katie Pagliara, 917-522-3531
kpagliara@accesspr.com
Copyright Business Wire 2008
