Biz360 Secures $10m to Develop Social Media Tools

US-based media and market intelligence agency Biz360 has secured $10m in funding which it will use to develop social media analysis tools, extend its existing suite of business intelligence products and hire new sales and marketing personnel.

Funding was led by Foundation Capital, with full participation from other current investors, Granite Ventures and Scale Venture Partners.

'This round of funding will enable our company to capitalize on the unprecedented millions of customer product opinions that exist on the web,' said Biz360 CEO Brad Brodigan.

The California-based agency, online at www.biz360.com , gathers and analyzes traditional and social media about an organization, its brands, its competitors and its products to help clients shape market perception.

In September, the firm hired natural language processing (NLP) specialist Christopher Manning to create new applications for analyzing web-based social media and traditional media content.