Heavily Backed Financial Intelligence Firm Monitor110 Shutters; Unable To Secure Latest Funding
This story was written by Joseph Weisenthal.
This is a tough time for any company selling premium-priced services to hedge funds Monitor110, a NYC startup that analyzed raw, unstructured internet content to help hedge funds make decisions, is shuttering. The announcement was made in a memo sent out by CEO W. Brendan Carley that's been posted on the company's site (via SAI). The company had raised over $20 million from DFJ, DFJ Gotham and Acadia, having last raised $11 million in late 2006. In May Monitor110 went out for a new round, but was unable to complete it, hence the closure. The service tracked information from over 50 million sources (message boards and the like), with the aim of distilling news and measuring sentiment in a manner useful to traders.
By Joseph Weisenthal