Second institutional round of financing brings Adams Street Partners in addition to current venture capital firms, New Enterprise Associates, Austin Ventures and Sequel Venture Partners.
(PRWEB) June 24, 2004 -- Zenodata Corporation, a developer of advanced technology to automate the searching and analysis of land record data for the real estate and lending industries, has raised $10.5 million in its second institutional round of financing.
This latest round adds to the $16.6 million Zenodata has raised over the last three years, for a total of $27.1 million raised to date. Zenodata will use the proceeds to expand its geographical coverage throughout the United States and toward introduction of a new product line to further automate the mortgage lending process.
Adams Street Partners is leading this round of financing. With offices in Chicago and London, Adams Street Partners is one of the largest global managers of private equity partnership investments. Together with its predecessor organizations, the firm has been investing in private equity fund partnerships since 1979 and managing direct investments in private equity since 1972.
All of Zenodata's current venture capital firms also participated in this round of financing. They include New Enterprise Associates, Austin Ventures and Sequel Venture Partners.
Zenodata's Land Record System allows users to complete title searches in 15 minutes or less -- decreasing time to perform such searches by a factor of 5-10, and resulting in cost savings of 20-30 percent. Since title searches have historically involved a very time-intensive, manual process, automating the search process is a major step forward for the industry in terms of increasing both accuracy and productivity, says Mark Stevenson, the company's CEO.
The Land Record System is based on Zenodata's Land Record Database, the first completely electronic -- and most accurate -- land record database in the country, according to Stevenson. Zenodata is the only company in its industry to extract all relevant information from original county documents, and use high-resolution images. The company's data extraction and analysis process is so thorough, Stevenson says, that it even finds errors on the original recorded documents themselves.
Zenodata Corporation (www.zenodata.com) develops and markets advanced technology that automates the searching and analysis of land record data for the real estate and lending industries. All Zenodata products leverage the company's proprietary Land Record Database, the first completely electronic, fully indexed database of land/property record information, providing the most accurate source of land record data in the country. Based in Louisville, Colo., and incorporated in 2000, the company employs 400.
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