Press Releases 08.17.2004
Affinnova, Inc. Raises $4.5 Million in C Round from Sherbrooke Capital and Flagship Ventures
Capital investment to accelerate market penetration, extend technology leadership and build operational capabilities to support growing industry adoption of IDEA(TM) Technology
WALTHAM, Mass., Aug. 17, 2004 -- Affinnova, Inc., which harnesses the principles of evolution to optimize concepts, products and brands for consumer-focused companies, today announced that it has completed a $4.5 million Series C round of financing led by Sherbrooke Capital and including current investor, Flagship Ventures. This latest financing round is expected to help accelerate Affinnova's go-to-market efforts, extend technology leadership in the application of genetic technology to consumer marketing, and build operational capabilities to support growing industry adoption of Affinnova's solutions, including IDEA(TM) technology.
Fueled by deepening customer relationships in the consumer packaged goods industry and early successes in the apparel, financial services, pharmaceutical and retail markets, Affinnova is becoming a recognized solution to consumer brand companies as they seek to improve new product success rates by bringing consumers more effectively into the product development process. Affinnova's patent pending IDEA(TM) (Interactive Design by Evolutionary Algorithms) technology enables companies to leverage unprecedented degrees of consumer insight throughout the development cycle, to launch more successful products. Procter & Gamble (P&G), General Mills, Ben & Jerry's and Aeropostale are among the many blue-chip customers currently using IDEA(TM) to optimize concepts, products, packaging and brands.
"Affinnova's success to date and impressive roster of global consumer goods customers demonstrates to us that the company has the technology and the management expertise required to execute against their vision of transforming the process of product and brand development," said John K. Giannuzzi, Managing General Partner at Sherbrooke Capital and newest addition to Affinnova's Board of Directors. "With an expanded executive team that includes expertise in marketing, brand building and new product development, Affinnova is poised for further growth and market penetration. We welcome the opportunity to help take the company to its next level of success."
"Affinnova continues to demonstrate that its vision for optimizing and accelerating product and brand development is taking hold among marketing and development teams in a growing number of global firms," said Noubar B. Afeyan, Ph.D., Senior Managing Director at Flagship Ventures. "In particular, repeat business from a number of Affinnova customers attests to the value of adopting an 'evolutionary' approach to new product development."
"We are delighted with Sherbrooke Capital's significant investment in Affinnova's future and welcome John Giannuzzi to our Board of Directors," said Affinnova's Chairman and CEO David Andonian. "As we enter our next critical phase in our evolution and maturation as a company, this investment by Sherbrooke Capital and Flagship Ventures will help us take our next step toward broader customer adoption."
Affinnova's patent pending IDEA(TM) (Interactive Design by Evolutionary Algorithms) technology evolves virtual products, concepts, packages and brands based on consumer preferences. IDEA(TM) technology allows for exploration of wider design and creative spaces, holistic optimization, the identification of interaction effects (feature synergies), and preference-based market segmentation.
About Affinnova, Inc.
Affinnova harnesses the voice of consumers to help companies develop more successful brands and products. Its unique, patent-pending technology uses genetic algorithms to "evolve" product designs in response to consumer preferences. Affinnova's technology has been adopted by a growing list of blue-chip customers including eleven Fortune 500 companies. Affinnova is privately held and headquartered in Waltham, Massachusetts. For more information about Affinnova, visit www.affinnova.com.