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Crimson Hexagon Gets $5m in Series B Funds
In the USA, social media intelligence firm Crimson Hexagon has announced an investment of $5m from Charles F Dolan, the founder and Chairman of the telecoms and media company Cablevision Systems Corporation.
The company's original funding in 2007 was from a series of angel investors led by the Golden Seeds investors' group. The latest, Series B funding will be invested in further development of the company's proprietary technology platform, and in business expansion. The platform, Crimson Hexagon ForSight, is powered by patent-pending systems developed at Harvard University's Institute for Quantitative Social Science. The product is used to gather consumer information from social media sites for market research purposes in real time. It uses a language-agnostic algorithm and collects over one billion social media posts each week for time series analysis.
Patricia Gottesman, Crimson Hexagon President and CEO, said: 'Charles Dolan's investment recognizes Crimson Hexagon's readiness for expansion and rapid growth. We're inspired by his vision, his extraordinary accomplishments and his significant contribution to Crimson Hexagon's capacity for progress on the entrepreneurial road ahead.'
Founded in 2007, the company is based in Cambridge, MA and is online at www.crimsonhexagon.com .
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