OptiMine Software, a Minneapolis, Minnesota and London, UK-based advertising optimization software provider, has raised $900,000 in Series A funding.
The round was led by Calumet Venture Partners, with participation from several angel investors including Bill Watkins (current CEO of Bridgelux, former CEO of Seagate) and search marketing expert Stuart Larkins (former SVP of Doubleclick/Performics).
The company intends to use the funds to accelerate product development, and expand sales and marketing efforts.
In conjunction with the financing, Toni Sikes, a General Partner at Calumet, will join OptiMine’s board of directors.
OptiMine Software provides intelligent software for advertising optimization. Its flagship product, OptiMine Paid Search Bid Management, uses patent-pending technology to forecast the performance of each paid search ad placement each day and automatically sets optimal bids.
It may be implemented in-house, hosted, or as software-as-a-service (SaaS).
Commenting on the funding, Robert Cooley, co-founder and CTO of OptiMine, said that the financial and strategic resources of new investors will allow the company to “quickly deliver the technology to many more customers”.
Among the others, the product is currently used by Overstock.com.