OptiMine Software, a St. Paul, Minn.-based company that develops keyword bid optimization software for large paid-search advertising programs, has raised $3.6m in a Series B funding.
The round was led by Hummer Winblad Venture Partners.
The company, which raised $1.1m in Series A funding in 2010 (read here), intends to use the new capital to expand product development and sales capability, among other activities.
Founded in 2008 and led by CEO Jim Moar, OptiMine provides bid optimization software that uses multivariate predictive analytics to manage keyword bidding for paid-search campaigns. Its patent-pending technology analyzes the performance of every keyword individually using 24 models and examining more than 100 variables to determine and automatically set daily keyword bids to maximize overall performance.
In conjunction with the funding, Hummer Winblad managing director Mark Gorenberg, will join OptiMine’s board.