| 6th Sense Analytics Launches, Announces $1.5 Million Financing |
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| Friday, 18 November 2005 | |
6th Sense Analytics Launches, Announces $1.5 Million FinancingRALEIGH, NC, (NAMC) - 6th Sense Analytics, a pioneer in software development analytics, announced today it has secured an investment of $1.5 million. Durham-based Intersouth Partners led the $1.5 million Series 1 round, with independent investor Ching-Ho Fung of Washington, D.C. participating. The round, which will be used to complete the first commercial release of software, expand the initial set of customers and develop market awareness, is the company's first outside financing. Kip Frey of Intersouth Partners, Ching-Ho Fung and David Babson, co-founder of three Research Triangle-based software companies, will join the company's Board of Directors. 6th Sense Analytics has created a non-obtrusive solution to provide software developers and development teams with a broad range of data concerning the efficiency, productivity and quality of their work. This data is used to provide heightened visibility into development activities and to more effectively deliver software on time and on budget. Additionally, data collected by 6th Sense Analytics will allow benchmarking of software development activities for the purpose of best practices evaluation and comparison. "6th Sense is leading the charge by creating a new paradigm for the collection and analysis of information about the software development process," said Ching-Ho Fung. "The company has produced a unique solution that provides real-time data about the work flow, efficiency and effectiveness of individual developers and development teams." "We're excited about working with 6th Sense Analytics," said Kip Frey of Intersouth Partners. "The founders, who are industry veterans, impressed us with their market knowledge and customer relationships, as well as their product expansion plans. This company is creating a new value proposition for the software development community and we are excited to be part of it." "We are honored to have Intersouth and Ching-Ho Fung join us in building a world class company dedicated to the worldwide improvement of software development capabilities," said Greg Burnell, CEO of 6th Sense Analytics. "Kip, Ching-Ho and David bring decades of success and experience to our business and we look forward to working closely with them as we bring our products to market." 6th Sense Analytics was founded in 2004 by Todd Olson and Greg Burnell, two industry executives with extensive experience in the application development marketplace. Both Olson and Burnell served on the executive team that led TogetherSoft to its acquisition by Borland Software Corporation in late 2002. About 6th Sense Analytics Headquartered in Raleigh, NC, 6th Sense Analytics is a leading provider of software development analytics. 6th Sense Analytics allows companies to measure their software development business as a corporate function for the first time, resulting in improved processes and increased efficiency. For more information, please visit www.6thsenseanalytics.com. About the Board of Directors David Babson has almost 20 years of experience in software development. He co-founded, built and sold three venture-backed technology companies over the last 12 years. His most recent company, SmartPath, was a leading marketing operations software company and was sold to DoubleClick in 2004. Prior to SmartPath, Dave and his partners created the Marathon Group, which developed the e-commerce and online branding for Fortune 500 companies and was sold to MERANT in 1999. Dave and his partners started their first venture, software analysis company Burl Software, in 1991 and sold it to Micro Focus in 1995. He has authored numerous patents and received R&D Magazine's "Top 100 Inventions of the Year." Kip Frey is a partner with Intersouth Partners focused on the information technology portfolio. Prior to joining Intersouth he was the architect of three of the Research Triangle's most notable entrepreneurial companies, together generating more than $1 billion in investor returns. In 1995, he negotiated and closed the sale of Ventana Communications Group to the Thomson Corporation for an undisclosed sum. He became President of Accipiter, Inc. and in 1998 sold the company to CMGI, Inc., structuring the transaction so that the ultimate value of the deal approached $500 million. Later in 1998, Kip moved to OpenSite, and in 20 months increased its value from $6 million to the acquisition price of $550 million. Ching-Ho Fung, Chairman and President of Parature, Inc., is known for his talent in recognizing strong up-and-coming technology companies. As the co-founder of Performix Inc., Ching-Ho developed his reputation for combining business know-how with extensive international expertise. After successfully selling Performix in 1995 to Pure Software (now part of IBM/Rational), Ching-Ho became an active angel investor, making multiple investments in DC-based software companies, most notably Blackboard Inc., a leading provider of software and services to the education industry, and Parature, Inc., a leading provider of on-demand customer support software. Contact: |
