Datanautics, a provider of analytical software and services for Internet marketers, has closed its first round of funding with $6.1 million. Datanautics will use part of the funds to expand its product development, sales and marketing teams. Excelsior Venture Partners, Huntington Technology Fund and Berg & Berg were those who participated in the funding. The proceeds from the first round are to go into acquiring the assets of Accrue Corporation.
Fremont, CA-based Datanautics was formed last September through the purchase of the assets of Accrue, a publicly traded software company that filed for bankruptcy last summer. In October, Datanautics announced the company received an initial $4 million in its first round of funding.

“Our solutions transform volumes of complex Internet data into information that executives and managers use to make business decisions and improve the return on their Internet investment,” says Prashant K Karnik, President and CEO. By capturing the consumer’s decision-making process and providing a clear picture of customer behavior patterns, Datanautics products deliver the data required to make decisions that will improve customer loyalty.

Citicorp, Eastman Kodak, Lands’ End, Macy’s, Lycos Europe and Deutsche Telecom all use the company’s product. The market for software and services for web analytics stood at about $520 million in 2001, and could grow to $4 billion by 2005. The North American market alone accounts for over 70% of this.