July 15, 2004
- Cambridge, MA
Eliyon Technologies, (www.eliyon.com), the leader in automated content creation search technology, announced today that it raised $7 million from Venrock Associates and existing investors in its first round of venture funding. Founded in 2000, Eliyon has emerged as the premier tool in the executive recruiting market for identifying top-level hidden talent. The company will use the growth capital to accelerate its expansion into additional domains, including sales prospecting, research and several other markets. Eliyon has been generating cash and growing rapidly from internal resources for seven consecutive quarters and, in a separate announcement today, reported record subscriber growth for the second quarter of 2004. Eliyon's customers come from virtually all industries, counting more than 25% of the Fortune 100, including AOL, Google, and Yahoo!.
Eliyon's technology is the first successful large-scale implementation of knowledge extraction and aggregation of business information from web sources. Eliyon's automated tools continually visit millions of news sources, web sites, SEC filings and press release distribution sites. Using artificial intelligence and natural language processing, the tools "read" pages and extract specific information about people, companies, products, services and industries. Millions of records are extracted every day and then integrated with related information to create comprehensive profiles of people in business and of companies and organizations.
The resulting Eliyon database of more than 21 million profiles of business people includes virtually all executives in close to 1.5 million American companies, as well as millions of middle managers and individual contributors in corporate America. Every month some 500,000 new profiles are added and three million existing profiles are automatically updated by adding new information extracted from web sources. In addition, Eliyon has created a database of information on close to 1.5 million large and small American companies.
Eliyon Technologies was initially incubated in Corex Technologies of Cambridge MA, the makers of CardScan, the leader in business card reading products. Jonathan Stern, founder and CEO of Eliyon, is also the founder and CEO of Corex Technologies. Within a few months, Eliyon was spun off to the shareholders of Corex and as a result, three Boston area ventures firms: Commonwealth Capital, Flagship Ventures and Ascent Venture Partners are significant shareholders of Eliyon.