Fresh from SXSW, The Filter content recommendation engine has taken on a third venture funding to roll out in America. It is thought to be same region as a round raised in Feb 2009, for about £800,000 ($1.3 million).
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“It is a modest round from existing investors (Peter Gabriel, Eden) and four new angels,” CEO David Maher Roberts tells paidContent:UK.
“As we are a whisker from profitability, the funds are to be used almost entirely to fund expansion of our U.S. operations and further product service enhancements.
“We have won some major U.S. accounts in the last six months and we need to have more people there to manage these accounts and help us win more.”
The Filter was conceived, with Peter Gabriel’s funding, purely as a music recommendation engine. But the technology is now being deployed more widely and offered to third parties.
NBC (NSDQ: CMCSA) is using The Filter technology to recommend related videos to its web users. Dailymotion is also using the technology.
Previous fundings…
Seed: Peter Gabriel & Eden & Founders = £1.7 million
First round: Peter Gabriel & Eden = £2.4 million
Second round: Peter Gabriel, Eden, Mike Brochu, John Taysom, Rodney Banner = £800,000