Products and Services Value Proposition Contact Us
 

 
 

PRAEDEASM SECURES FUNDING FROM MALAYSIA'S MAVCAPTM

Funds to Support Expanded Sales, Marketing and Business/Product Development Efforts

New York, August 28, 2003 – Praedea Solutions, Inc. (“PraedeaSM”) (www.praedea.com), a developer and licensor of universal enterprise software solutions providing real-time data extraction from financial/SEC filings and other documents, has received funding from Malaysia’s largest venture capital concern, Malaysia Venture Capital Management Sdn. Bhd. (“MAVCAPTM”) (www.mavcap.com). MAVCAP’s investment in Praedea is made via Mavcap Technology Sdn. Bhd., a MAVCAP-owned venture capital fund managed in part by iSpring Venture Management Sdn. Bhd. (“iSpring”) (www.ispringcapital.com), a venture capital management company. The new capital is expected to be used by Praedea to support expanded sales, marketing and business/product development efforts.

This investment represents Praedea’s first round of institutional funding. Prior funding for Praedea, since its inception in 2000, has come from Founder and CEO James Graf, management and their families, as well as prominent figures in the financial data and information industries.

“We are pleased to welcome Mavcap Technology as an investor in Praedea,” said James Graf, Chief Executive of Praedea. “The fund’s participation, as well as the involvement of its manager iSpring, will enable us to more effectively pursue our company’s goals and objectives and, in particular, will help spearhead our business development opportunities in Southeast Asia.”

David Fong, CEO and Co-founder of iSpring, stated, “Praedea’s innovative technology successfully addresses many of the most important issues confronting data vendors and financial institutions in today’s market – how to collect market data faster, more accurately and more cost-effectively. We share Praedea’s vision and are excited to participate in the company’s future.”

About Praedea

PraedeaSM develops and licenses universal enterprise software solutions providing real-time data extraction from financial/SEC filings and other documents. Utilizing proprietary text-mining automation, the Praedea Data Extraction PlatformTM (the “Praedea DEPTM”) automatically extracts predetermined numeric figures and text from semi-structured electronic documents, while retaining “Source LinksTM” (hyperlinks to precise locations in underlying source documents) for absolute data transparency. Based in New York, Praedea was established in 2000. Praedea has approximately 30 employees located in New York, Kiev and Kuala Lumpur. For more information about Praedea or the Praedea DEP, visit the company’s website at www.praedea.com or call (212) 206-8529.

About Mavcap Technology Sdn. Bhd., MAVCAP and iSpring

Mavcap Technology Sdn. Bhd. is a venture capital fund established by its sole investor, MAVCAPTM. MAVCAP is a venture capital company incorporated by the Government of Malaysia. MAVCAP is committed purely to the technology sector and invests in a mix of local and overseas businesses to bring together a successful blend of technologies and entrepreneurial skills. Its mission is to empower technology entrepreneurs in the creation of new wealth and to generate excellent financial returns for its shareholders. Mavcap Technology Sdn. Bhd. is managed in part by iSpring, a venture capital management company targeting investments in promising technology companies at various stages of growth. For more information about MAVCAP, visit their website at www.mavcap.com or call (603) 2050-3000. For more information about iSpring, visit their website at www.ispringcapital.com or call (603) 7957-1660.