BUDAPEST, HUNGARY 5/17/10 -- Power of the Dream Ventures, Inc. (OTC BB: PWRV), Hungary's premier technology acquisition and development company, today announced that in4, Ltd. successfully completed a Series B round of financing in the amount of $550,000 from an accredited private investor. This round effectively doubles total invested capital.
"Following the success of iGlue at GeeknRolla in London I am extremely happy that other investors are beginning to see the value proposition of this phenomenal software. This second investment not only doubles our original commitment, it does so at a valuation point I am especially proud of. Of our original 40% equity we only gave up 1.5% in this round, while raising iGlue's valuation to over $5.5 million dollars," commented Viktor Rozsnyay, CEO of Power of the Dream Ventures.
Financing from this investment round will be used to launch iGlue's automated and hand annotation tool and to complete additional feature development work.
"Raising $550,000 dollars in Hungary is the equivalent of raising four to five million dollars in the US. With this funding in hand the company is now in a position to release the automated and hand annotation feature of iGlue. This launch will cap off a three year development cycle. We are looking forward to expanding iGlue's user base and providing many additional features," concluded Viktor Rozsnyay.
The heart of iGlue is a collaboratively developed, flexible database that contains semantic elements, entities, and their relations. We believe that the collaboration of motivated and enthusiastic people will bring about a new, network-based intellectual repository of the information age, a system that will take the internet to the next level of knowledge management. Database entities are presented to users via an automated annotation process that recognises text elements in any web page. Annotated entities become clickable junction points on which iGlue presents value added information in a rich media environment.
To experience iGlue please visit http://www.iglue.com
Power of the Dream Ventures, Inc. is a leading technology holding company. We identify and harness the unique technological prowess of Hungary's high-tech industry, turning promising ideas and ready to market products/technologies into global industry leaders. We focus on developing, acquiring, licensing, or co-developing technologies that originate exclusively in Hungary that are in prototype stage based on existing patents; in prototype stage prior to patenting; existing products that require expansion capital to commercialize; emerging science and high-technology research projects that require help in patenting, developing the product and marketing, University spin-off technologies, and ideas from the very early stage that represent "disruptive technologies." We primarily focus on providing enabling solutions in the fields of environmental technologies, power generation and storage, software products and services, biotechnology, medical devices and what we call 'disruptive technologies.' For more information please visit our website at Http://www.powerofthedream.com
At the Company:
President and CEO
At in4, Ltd.:
President and CEO
Source: Power of the Dream Ventures, Inc.