San Jose, Calif. – Baynote, a provider of personalized
online shopping recommendations based on previous purchases and Web surfing, announced
on Wednesday the closing of a new $13 million, third round of financing.
SingTel Innov8 led the investment round; previous backers Hummer Winblad,
Steamboat Ventures and JK&B Capital also participated.
San Jose,
Calif.-based Baynote also announced that it has named former SAP executive Doug
Merritt as its new president and CEO.
Customers of the company’s services
include AT&T, Dell, Fox and Vevo. The company said that revenues in 2010
grew 75%.
The new funding will be used for expansion into telecommunications
and financial services markets, as well as overseas expansion and further
product development.
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