Funding Solidifies Company's Competitive Position as China's Web and Online Video Analytics Leader and Positions It for Continued International Growth
BEIJING, Oct. 18 /PRNewswire-Asia/ -- Gridsum Technology, China's leading provider of web, video and search analytics solutions, today announced the successful completion of its Series A financing round, led by Steamboat Ventures, a venture capital firm affiliated with The Walt Disney Company.
Gridsum's online, cloud-based services help businesses effectively track, analyze and optimize their online marketing campaigns across web sites, search engines and online video. In 2007, Microsoft selected Gridsum as one of the most innovative start-ups in China, through its "BizSpark One" program.
Gridsum has successfully developed, optimized, and localized its technology for individual markets. The funding will accelerate the distribution of the Company's award-winning products and services in China, the United States and other major international markets.
Gridsum's solutions are being actively used by several of the world's most recognizable consumer brands, including Microsoft, Coca-Cola and Lancome. In addition, a number of leading Chinese companies such as the Shanghai Media Group (SMG) and China Central Television (CCTV) currently are using Gridsum's innovative technology platform.
Since 2009, iCrossing, the leading global Internet Marketing firm and a unit of the Hearst Corporation, has become a strategic distributor of Gridsum's technology.
"With strong support from the Microsoft and iCrossing partnerships, and now a significant investment by Steamboat Ventures, Gridsum will continue to accelerate its global expansion," said Guosheng Qi, Founder and CEO of Gridsum. "The Company has quickly grown from a start-up to become a recognized leader in helping companies maximize their marketing efficiency. The Steamboat Ventures team brings world-class global media and consumer technology experience, and we look forward to leveraging their expertise as we continue to grow our business."
Perry Chui of Steamboat Ventures said, "Gridsum's game-changing solutions are providing companies of all sizes with a proven model that will help them optimize their sales and marketing strategies in today's increasingly fragmented environment. The Company's differentiated technology already is being used by several of the world's largest companies, and we are pleased to be working with Guosheng and his talented team to take full advantage of the compelling market opportunities."
In conjunction with the investment, Perry Chui and Alex Hartigan of Steamboat Ventures will join Gridsum's Board of Directors. The financial terms of the transaction were not disclosed.
About Gridsum Technology
Gridsum Technology is China's leading provider of online, cloud-based web analytics services that help businesses effectively track, analyze and optimize their online marketing campaigns across web sites, search engines, and online video. The company is based in Beijing.
About Steamboat Ventures
With offices in Los Angeles, Shanghai and Hong Kong, Steamboat Ventures is a global venture capital fund that invests in digital media, consumer and technology companies in the U.S. and Asia. Steamboat Ventures pursues a distinctive investment strategy, cultivating investment opportunities that are simultaneously financially promising and also possess the potential to have significant strategic interest to The Walt Disney Company. Founded in 2000, Steamboat Ventures has invested in a range of leading digital media and consumer technology companies, including: Fastclick (acquired by VCLK), Iridigm Display Corporation (acquired by QCOM), Pure Digital Technologies (acquired by CSCO), Quigo Technologies (acquired by TWX), Freewheel, Baynote, Duowan and Troodon. For more information, please visit www.steamboatvc.com.
