Gravity R&D, the Hungarian data mining company, has recently garnered funding from PortfoLion – the VC arm of OTP, Hungary’s largest lender – to the tune of HUF 300 million (approximately USD 2 million). Gravity will use the funding to enhance its presence in the United States and Asia.
Gravity R&D (www.gravityrd.com)
Gravity R&D, founded in 2007, is currently owned by Docler Holding and was spun off from BME’s ( Budapest University of Technology and Economics) Team Ensemble. It offers an award-winning product recommendation system currently used in ecommerce and other data-intensive environments. Revenue increases from using their system has been pegged at between 8 and 12 percent. One of the fastest-growing technology outfits in the CEE region, Gravity, headquartered in Budapest, operates with 40 employees covering a consumer base in 12 pan-European nations including Germany, UK and France. Plans are now afoot to expand into US soil after their New York office has been established.
PortfoLion, established in 2010 as a member of the OTP Group, is one of the latest Venture Capital Funds in Hungary. The company’s investments are centered around businesses offering new and innovative solutions in information technology; biotechnology, environmental protection and renewable energy sources; food industry; automotive suppliers or health care.
PortfoLion normally invests between EUR 200,000 to EUR 1.5 million in a company; capital demand calculation is based on the company’s age, size and on sectorial- profile.
Their portfolio includes Cryo Management Ltd, Digital Recognition Systems Ltd, Intellio and Stringdrive Technologies.