Gravity, a Budapest, Hungary-based recommendation systems developer, has raised nearly $2m in funding.
The round was led by PortfoLion, the venture capital arm of OTP, a Central and Eastern European independent banking group, with participation from existing investors.
Gravity, which previously raised close to $1m, intends to use the funds to to strengthen its presence in the US (where it established an office in NYC) and in Asia.
Led by CEO Peter Csikos, Gravity develops a collaborative filtering based recommendation system that provides personalized product recommendations for IPTV, cable TV providers, e-commerce and e-media companies. The company has over 50 customers and partners in 12 countries on four continents including a constant Alexa Top 50 website.
Gravity currently has 40 employees, with representatives in most European countries including Germany, UK, France, Poland, Czech Republic and the Benelux countries, in developing markets such as Romania, Russia, Turkey, Serbia.