Memento musters $3 M
Date: Saturday , April 30, 2005
Memento was founded in October 2003 by entrepreneur BC Krishna, and launched at the prestigious DEMO conference early in 2004. The venture backed-software company is in an early stage with investments from Bain Capital and Rock Maple Ventures.
With eleven employees the company targets large Global 1000 companies with its software product Memento QuickMetrics Suite. The suite uses core Event Identification and Monitoring technology that enables easy and flexible monitoring of a broad range of business processes. Memento’s software suite that measures and monitors the business value of enterprise applications is one of the first applications that automates process monitoring without requiring a formal IT integration project.
The suite consists of two applications: QuickMetrics/Audit and QuickMetrics/Security. Audit is meant for audit and finance professionals to ensure that controls develop to mitigate risks in business processes are effective, and QuickMetric Security is for corporate and information security professionals to detect and prevent internal fraud, identity theft, and application misuse.
The inabilities to quantify, demonstrate, and monitor IT business value consistently ranks among the top complaints of CXOs in Global 1000 companies. Memento’s product is a significant one. Prior to Memento, companies had to rely on manual, imprecise, and homegrown techniques that could be expensive, time consuming, inconsistent and yielded questionable results, quoted the website.
“Competing approaches to monitor risk and control in business processes tend to be homegrown efforts by using data analytics engines, or data auditing tools. But these approaches are slow to be implemented, costly, and even when effective, can only provide a retrospective, ‘rear view mirror’ picture of risks and controls to audit and security professionals,” says Krishna.
Contrarily, Memento’s QuickMetrics suite is designed to help companies rapidly deploy monitors corresponding to the so-called risk hypotheses, and easily change the testing and monitoring needed around the control framework. In contrast to other approaches, Memento’s products are quicker to deploy and much more flexible – typical implementations take only a few days.
Memento’s initial focus is on large financial services firms – banking, brokerage, and insurance. Other target verticals include manufacturing, retail, and travel and transportation.