DataSphere Raises $10 Million in Series C Financing
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Bellevue: DataSphere, a provider of hyperlocal web technology and sales solutions for media companies, has raised $10 million in Series C round of financing led by OVP venture partners with the participation from existing investors Ignition Partners and Fisher Communications. This brings DataSphere's total backing to over $20 million. The Bellevue-based company will use the funding to expand their presence in the $100 billion U.S. local advertising market. Founded in 2006, DataSphere enables TV stations to set up hyperlocal websites and then monetize them. It's network of over 750 neighborhood websites feature information about local news and events drawn both from community residents and the collective talents of hundreds of top tier professional reporters at its media partners. Currently, DataSphere counts Gannet, Raycom Media, Local TV, Fisher Communications and Hubbard Broadcasting as its key customers. Now, the company is on a hiring spree, saying it expects to add 150 employees to its current 220 by January. "We've experienced a tremendous demand for our services and this additional funding will ensure we're able to accelerate our growth rate to meet the requirements of our rapidly expanding client base," said Satbir Khanuja, CEO of DataSphere. "Having launched over 300 neighborhood websites over the last 60 days, we're on track to provide neighborhood news to more than 1,200 communities by the end of the year," he added.

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