August 6, 2012 5:45 AM
It’s been a busy two weeks for EidoSearch since completing its participation in the annual FinTech Innovation Lab, especially since the company has begun raising a new round of funding.
To meet milestones of positive cash flow, expanding customer breadth and delivering the next generation of its search product, the company has in the past few days met with an angel investor (and begun negotiating terms), numerous venture capitalists, and even the investment arms of potential customers at banks and large mutual fund management companies.
“Basically, the great thing is we’re building relationships,” said David Kedmey, EidoSearch’s president and co-founder. “Some of these are not for today, but for later on down the road. But when it’s time for the next round, you don’t want to start from scratch with people not knowing you.
“So the focus is let’s raise the money so we can accomplish what we want to now, but also build the relationships for the future.”
FinTech is an “annual program run by the New York City Investment Fund and Accenture for early stage and growth companies that have developed cutting-edge technology products targeted at financial services customers.” With so much time spent in New York during the FinTech program, the last weeks have afforded Kedmey a welcome chance to catch up with the development team and discuss product roadmaps in greater depth. The company is eyeing an enterprise version of its current Software-as-a-Service product, which would sit inside a customer’s business and allow it to leverage internal data.
“There are more frequent lab visits now that I have more time to travel…to make sure we continue to have well-thought out priorities in product development based on the feedback I’m receiving from the market,” Kedmey said.
“There was a time there when I felt I was almost just reacting, the calendar was so full.”
It’s still pretty hectic. On Thursday, as well as speaking with Backbone, Kedmey met with a customer prospect at a major bank, held two VC meetings, met a government rep related to grant funds and had a multi-hour meeting with Jos Schmitt, CEO of Alpha Group, to discuss growth, business focus and networking opportunities, and to lay the groundwork for things to come.
As part of that groundwork, Kedmey said EidoSearch is building out its bench strength of advisors. It recently brought on Kamran Rafieyan, co-founder of Lava Trading (acquired in 2004 by Citigroup), as a formal advisor.
Backbone will follow EidoSearch, the winner of the Alpha Exchange Innovation Campaign, online and in print for one year.
Lawrence Cummer is a freelance writer with over 15 years of experience writing for periodicals, business and communications agencies. He is former senior writer and editor of the technology trade publications Network World Canada and Communications & Networking Journal, respectively. As well, he has been a senior contributor to a variety of publications.
A frequent writer for Backbone Magazine, Lawrence currently covers a range of topics, including general business, information technology, telecommunications, physical security, occupational safety, and home construction and general contracting. Lawrence can be reached at firstname.lastname@example.org.