This is a great way to wrap up a great year; OptiMine is featured in the December 2 issue of the Minneapolis St. Paul Business Journal. You do need a subscription to read the entire article, so let’s summarize it with a few highlights:
- Most bidding software relies on large quantities of historical data to forecast an optimal bid. Those products will often cluster hundreds of similar keywords together in order to gather enough data to generate a bid. By doing so, those technologies lose the “unique identity” of a keyword, Moar said. What distinguishes OptiMine is its ability to model keywords individually and do so with minimal statistics.
- OptiMine was founded in 2008 by Cooley and Doug Bryan, both of whom previously worked for data-mining company Kxen Inc., based in San Francisco. While there, they often heard from customers who wanted a better bidding system. Cooley’s data-mining expertise was key to developing the math behind OptiMine, said Moar, the company’s CEO. Moar is a former CEO of Identix, a Minnetonka-based biometrics firm that was later sold to L-1 Identity Solutions.
- Earlier this year, the company landed a $3.6 million round of venture capital, which it plans to use to increase its staff and to draw awareness to the company. The round was led by Hummer Winblad Venture Partners of San Francisco. Mark Gorenberg, a managing director at the firm, said OptiMine is well positioned in the paid-search market. He added that the round of financing should help the company gain further traction.“It sends a signal that they’re a major player in the marketplace. And it gives comfort to their customers that they’re here to stay,” he said. “The market is good for OptiMine. It’s a huge opportunity for the Twin Cities to get a good lead in optimization software.”
OptiMine has enjoyed great success in 2011 and we are very much looking forward to continuing the streak i n 2012.