Coremetrics gets $31 million in new funding

Coremetrics Inc., a provider of hosted web analytics, has obtained $31 million in series D financing from FTVentures and previous Coremetrics investors Accel Partners and Highland Capital Partners.

Coremetrics says it will use the additional capital to accelerate the build-out of its precision marketing application suite and expand its offerings into new areas of digital marketing as well as to extend its reach into U.S. and international markets.

Eric S. Byunn of FTVentures will join Coremetrics` board of directors. Byunn has been a principal at FTVentures since 2002 and serves on the boards of Cloudmark, Global Market Insite and ProfitLine.

"This new funding will enable us to build upon our industry-leading web analytics and client services offerings and expand our expertise into new areas of precision marketing," said Joe Davis, president and CEO of Coremetrics. "The digital marketing sector will continue to experience rapid growth in 2006 and with this additional funding, we are well-positioned to benefit greatly from this significant industry growth."

Coremetrics reports record growth in 2005. The company added more than 100 clients across the retail, financial services, and travel industries.