Rulespace Solutions

RuleSpace closes $8million in series b funding

On: 2000-04-28 11:35:03

Leader in Content Recognition Technology to Increase Staff, Accelerate the Company's Plans to Answer the "World Wide What"

PORTLAND, Ore. (April 28, 2000) - RuleSpace LLC, the leader in instant Web content recognition, today announced the closing of $8 million in Series B venture funding. The round was filled in less than one day, with investments from Northwest-based FBR CoMotion Venture Capital, Pillar Management, as well as individual investors from Portland and the Bay Area. RuleSpace has raised $13 million in total financing to date. This latest round of funding will support increasing sales and development efforts as the company continues its aggressive pursuit of solving the management, organization and categorization challenges brought about by the information explosion on the Web.

The amount of information on the Web, and the increasing level of additional information consistently being added to it, has exceeded the industry's ability to manually process this content. There is an immediate need for a smarter approach to manage this explosion of information in an effort to improve network access services and Web content delivery.

"RuleSpace is a great example of the kind of local technology company we look to invest in," said Will Neuhauser, managing partner, FBR CoMotion Venture Capital. "With its talented management team, compelling business model and impressive technology, RuleSpace has all the ingredients for success."

RuleSpace will utilize these new funds to increase sales operations and further the development of the company's Contexion Services, an embedded technology and online service that instantly recognizes Web content. RuleSpace is currently targeting a 50% increase in staffing over the next 90 days, with a significant portion of the increase going to the hiring of additional content analysts to support the ongoing development of Contexion Services features and offerings, and to support current and future customers.

"The immediate and enthusiastic response from the investment community was overwhelming," commented Charlie Kawasaki, president and CEO, RuleSpace. "Investors immediately recognized the potential for RuleSpace's technology and the company's role in the management of the Internet."

In addition to the investment from FBR CoMotion, Neuhauser will take the seat on RuleSpace's Board of Directors recently vacated by Adrian Russell-Falla.

About RuleSpace, LLC

RuleSpace, LLC, is a privately held corporation located in Portland, Oregon. Founded in 1996, RuleSpace provides automated Web content recognition technology and services that instantly recognize Web content and facilitate the delivery of relevant Web information. Solutions powered by RuleSpace technology enable Network Access Vendors, Portals and Online Marketers to deliver more meaningful and appropriate information to users as they surf the Web. Unlike human review using keyword technologies, RuleSpace technology keeps pace with the explosion of Web content. More information on RuleSpace is available at www.rulespace.com.

About FBR CoMotion Venture Capital

FBR CoMotion Venture Capital was publicly announced April 28, 2000 by Northwest entrepreneurs and investors David Billstrom and Will Neuhauser. With offices located in Seattle and Portland, CoMotion will initially emphasize investments in the Northwest, offering both funding and incubation services for "dot-coms" and Internet infrastructure companies. For more information about FBR CoMotion Venture Capital, visit their Web site at http://www.CoMotionVC.com.



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