Press
U.S. and Gurgaon Research and Analytics Company Raises $3.75 Million, Plans Expansion of Indian Operations
GURGAON, INDIA ‚ September 13, 2006 ‚ Closing its first round of institutional financing, SMARTANALYST, Inc. ‚ a New York-based custom research company with operations in Gurgaon, India -- announced today it has secured $3.75 million in Series C funding from U.S. investors Edison Venture Fund and Milestone Venture Partners.
SMARTANALYST Founder and CEO Mr. Manu Bammi said, ìThis level of backing confirms our innovative business strategy of utilizing an outsourced team and proprietary research processes to provide sophisticated market research and business analysis faster and at a higher value than other market research firms. The funding will support product development and enhance our sales and marketing efforts, helping us penetrate an expansive addressable market.î Mr. Bammi has more than 17 years of experience building cross border U.S. and India teams.
SMARTANALYST has more than 120 employees, with sales offices in New York and London and a team of more than 100 research analysts and IT staff in Gurgaon. The company plans to treble or quadruple its staff in India over the next 2 years.
Edison Partner Mr. Chris Sugden, said, ìWe are pleased to be supporting SMARTANALYST. The company is revolutionizing market research by combining the best of all worlds for their clients -- speed, return on investment and quality.î Edison provides capital and value-added services to expansion stage information technology businesses.
Mr. Todd Pietri, partner and co-founder of Milestone Venture Partners, said, ìWith a great team already assembled and an impressive roster of blue chip clients, SMARTANALYST is well positioned to exploit a large and growing market opportunity.î Milestone is an early stage venture capital fund that focuses on technology-enhanced service businesses in the New York metropolitan area.
Joining founders Bammi and Ranjit Shastri as members of the SMARTANALYST board of directors are Sugden, Pietri and an executive from another Edison investment. Additionally, two executives who have served SMARTANALYST as advisors, Marty Kahn and Patrick Spain, were named to the board. Mr. Kahn is managing director of Cadence Information Associates L.L.C. and former chairman of OneSource Information Services, Inc. Mr. Spain is chairman and CEO of HighBeam Research, Inc., prior to which he was co-founder, chairman and CEO of Hooverís, Inc.
About SMARTANALYST, Inc.
SMARTANALYST, Inc. delivers customized research, analytics and outsourced knowledge services to corporate clients in the life sciences, fast-moving consumer goods, financial, and marketing services industries. The company succeeds by providing a high-quality, cost-effective research and analytics product portfolio that supports decision-making processes for marketing, business development, R&D, financial and investment decisions. More information is available on the company's Web site, www.smartanalyst.com.
Media Contact Information
Ritu Kishwar
SMARTANALYST -- Gurgaon
rkishwar@smartanalyst.com
+91.124.431380