BUDAPEST, Sept. 15, 2011 /CNW/ - Today Gravity [http://www.gravityrd.com], the Hungarian recommendation systems [http://global.gravityrd.com/page/39-recommendation-systems] developer raised nearly USD 2 million investments from PortfoLion [https://www.otpbank.hu/portfolion/Home], the venture capital arm of OTP, the largest independent banking group
in Central and Eastern Europe. Gravity will use the investment to
strengthen its presence in the US and in Asia.
The investment is double the size of Netflix Prize
], the most famous data mining and recommendation competition that was
closed in 2009 and where Gravity's team had been ranked as second.
After the competition members of the university research group set up
Gravity R&D and became a leading recommendation system
[http://global.gravityrd.com/page/39-recommendation-systems ] developer
in Central and Eastern Europe.
Gravity raised close to USD 1 million Venture Capital investments in
2009 and 2010. Currently the company has over 50 customers and partners
in 12 countries on four continents including a constant Alexa Top 50
In this funding round, all former investors are co-invested with
"The promise of Gravity successfully combining a state-of-the art
product with an experienced management team" - said Peter Oszko CEO of
PortfoLion, former Hungarian Minister of Finance.
The key to Gravity's growth is the outstanding engagement and unique
innovative approach of our team. We believe that recommendation systems
are the next big marketing tool after search and social media - said
Peter Csikos CEO of Gravity.
Gravity's self learning, collaborative filtering [http://en.wikipedia.org/wiki/Collaborative_filtering] based recommendation system provides personalized product
recommendations for IPTV, cable TV providers, e-commerce and e-media
companies thus increasing their revenue by 8-12 percent from their
current customer base.
Gravity - Rock Solid Recommendations is one of the fastest growing
technology companies in the CEE region. The company currently has 40
employees, headquartered in Budapest having representatives in most
European countries including Germany, UK, France, Poland, Czech
Republic and the Benelux countries, in developing markets like Romania,
Russia, Turkey, and Serbia. After establishing an office in New York
the company plans to further expand to the US market next year.
SOURCE Gravity - Rock Solid Recommendations
For further information:
TOTH, Istvan, PR