SANTA CLARA, Calif.—April 4, 2006—Clearwell Systems, Inc., a pioneer in the Email Intelligence market, today announced that the company has closed $12 million in its second round of funding. Redpoint Ventures led the oversubscribed financing, with participation from existing investor, Sequoia Capital. Clearwell will use the funds to expand its sales force, bolster marketing, and increase its investment in research and development.
“The pain enterprises face when dealing with email discovery and analysis is an overwhelming burden for IT, legal, and compliance teams,” said Tom Dyal, a founding partner of Redpoint Ventures. “The cost, time and inaccuracies associated with human review of email have led to high demand for Email Intelligence solutions. Clearwell’s early customer traction and superior technology position the company as the leader in a market with massive growth potential.”
“Since Clearwell’s last round of funding, the company has introduced its product to market, received endorsements from industry analysts, and announced several major customers,” said Aaref Hilaly, president and CEO of Clearwell Systems, Inc. “Investment from a leading venture firm is further validation of our vision and momentum. The funds will further grow Clearwell’s business and position the company as the leading provider of Email Intelligence solutions for legal, compliance, IT, and customer management.”
The Clearwell Email Intelligence Platform™ provides enterprises with a revolutionary approach to email analysis. Clearwell analyzes the unique properties of email, combines it with organizational data and applies patent-pending linguistic and statistical analysis algorithms to extract intelligence from email messages and attachments. The company’s initial solutions focus on regulatory compliance, legal discovery, and customer management, providing actionable intelligence across all business units.
About Clearwell Systems
Santa Clara, Calif.-based Clearwell Systems is transforming the way enterprises discover, organize and analyze the information across their corporate email systems. Clearwell enables business and IT executives to lower discovery costs, reduce fines, grow revenue and improve customer satisfaction. Fortune 500 companies—large energy companies, major financial institutions, leading high-technology companies, and global professional services organizations—have realized immediate and significant value within days of their production deployments. For more information, visit www.clearwellsystems.com.
About Redpoint Ventures
Redpoint Ventures was founded in 1999 by partners from two of the top firms in the venture capital industry. The firm is focused on funding innovative companies that have the potential to define, lead, and change industries. Redpoint partners have many years of experience and success in technology investing; combined with this foundation, the firm is able to leverage a thriving network of entrepreneurs, partners, and industry experts to accelerate building market-leading companies. Redpoint (www.redpoint.com) is headquartered in Menlo Park, CA with offices in Los Angeles and Shanghai, China.
About Sequoia Capital
Since 1972, Sequoia Capital has provided startup venture capital for very smart people who want to turn ideas into companies. As the “Entrepreneurs Behind the Entrepreneurs”, Sequoia Capital’s Partners have worked with the entrepreneurs behind Cisco Systems, Yahoo!, Network Appliance, PayPal (eBay), Vitesse Semiconductor and Oracle, to name a few.