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NewSpring renews commitment to VelociData through $10m financing round

19 Jul 2013

network dataNewSpring Growth Capital has re-upped its investment in big data management business VelociData as part of a $10m financing round led by ex- Motorola CEO Christopher Galvin.

Galvin joins the firm’s board of directors following the financing round, which the company said would be used to accelerate sales and marketing and recruit key leadership figures.

He said, “Any C-level executive leading a global enterprise will tell you that, in today’s hyper-dynamic and hyper-competitive markets, success depends more and more on giving decision-makers fast access to information that is complete, accurate and timely.

“VelociData is delivering a breakthrough response to this global need.”

Founding investor Bush O’Donnell, who also took part in the funding round, said, “We are excited to have one of our founding investors, NewSpring Growth Capital, meaningfully participate in the financing round and I personally look forward to continuing to work with Marc Lederman, general partner at NewSpring Capital, on the VelociData board.

“He has been great partner and meaningful contributor to our success to date.”

Last September NewSpring led a $12m Series C financing round for eXelate, a data and analytics engine that helps digital advertisers use big data, with existing investors Carmel Ventures, Menlo Ventures and Trident Capital also taking part.

eXelate’s global data cloud includes demographic and purchase intent information on over 400 million online unique visitors globally, garnered from offline partners as well as online behaviour.

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