Coremetrics lands new funding

Burlingame, CA-based Coremetrics Inc., a provider of web site marketing analytics services, has secured $9 million in funding from Accel Partners and Highland Capital Partners, the company reported this week.

Coremetrics says it will use the capital to expand sales and marketing efforts, fund new product development initiatives and support the company’s entrance into new markets. The company says this round of financing will bring it to profitability.

"Coremetrics represents the type of strategic infrastructure investment that has the potential to fundamentally transform the way e-businesses operate," said Arthur Patterson, general partner and co-founder of Accel Partners. "The company’s outsourced model for delivering marketing analytics has always been the right approach, and Coremetrics is thriving under the current economic conditions with the most sophisticated large corporations because its solution delivers immediate ROI at low initial cost without disrupting the core business functions of their customers."