Quigo announces closure of venture funding round
8 March 2004
Quigo has announced that is has closed a $5 million round of venture funding. The company is now preparing to take on Google in the contextual advertising market.
The New York search startup announced that Highland Capital Partners led the funding. Lycos founder Bob Davis, now a partner at Highland Capital, will join Quigo's board of directors.
Quigo said it would use the funding to develop its two search products: FeedPoint, an automated system that analyses Web pages and suggests keywords, titles and descriptions for use in search marketing; and AdSonar, a contextual advertising system for displaying paid listings on Web pages.
Michael Yavonditte, Quigo's chief executive, said he expects to officially release AdSonar in April and dismissed suggestions that Quigo would struggle to compete in the contextual advertising market.
"We do think, on a generic level, the relevancy that we see out in the marketplace can be a lot better," he said.
Analysts predict that contextual advertising will generate more than a billion dollars a year within the next few years, Search Engine Journal reports.
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