Cambridge, MA-based ChoiceStream Inc., provider of personalization technology for online consumer services, search services, e-retailers and interactive TV providers, has received $7 million in a Series A financing round led by General Catalyst Partners, the company announced this week. It says it will use the proceeds to fund the expansion of engineering and development activities to meet increased market demand for enterprisewide personalization.
“The personalization market has come into its own as online businesses seek ways to differentiate themselves,” said Joel Cutler, managing director, General Catalyst Partners. “ChoiceStream’s patent-pending approach and proven track record with industry leaders like AOL and other leading portals put the company in the envious position of being able to take advantage of the dramatic growth in this market.”
“Over the past year, we’ve seen a sharp increase in demand for personalization technology that goes beyond the simple pattern recognition capabilities of collaborative filtering. Online services need technologies that can effectively determine what a consumer wants, and then provide them with the content, ads, commerce and community that most closely map to those desires,” said Steve Johnson president and CEO of ChoiceStream. “ChoiceStream will use this funding to continue revolutionizing the consumer experience for sites and services relying on one-to-one targeting to maintain a competitive edge.”
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