Affinnova, Inc. Raises $4.5 Million in C Round from Sherbrooke Capital and Flagship Ventures.WALTHAM, Mass. -- Capital investment to accelerate market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" , extend technology leadership and build operational capabilities to support growing industry adoption of IDEA(TM) Technology 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 Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one industry and early successes in the apparel, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , 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 evolutionary algorithm - (EA) An algorithm which incorporates aspects of natural selection or survival of the fittest. An evolutionary algorithm maintains a population of structures (usually randomly generated initially), that evolves according to rules of selection, recombination, ) 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  This article or section may contain a proseline.Please help [ convert this timeline] into prose or, if necessary, a . , 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 consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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." About IDEA(TM) 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 Market Segmentation A marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action. . 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 Genetic algorithms Search procedures based on the mechanics of natural selection and genetics. Such procedures are known also as evolution strategies, evolutionary programming, genetic programming, and evolutionary computation. 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 One of the early centers of the Industrial Revolution in northern America, Waltham is a city in Middlesex County, Massachusetts, United States. The population was 59,226 at the 2000 census. . For more information about Affinnova, visit www.affinnova.com. About Flagship Ventures Flagship Ventures is an early-stage venture capital firm focused on creating, financing, and building companies in the Life Science and High Technology sectors. Flagship's team of twenty professionals is among the most experienced in the industry and represents a balance of venture capital, corporate executive, and entrepreneurship expertise. Its principals were involved as founders and investors in nearly 100 firms including: AltaVista, Anesta, Antigenics, Aspect Medical Systems, Astral (language) Astral - A programming language based on Pascal, never implemented. ["ASTRAL: A Structured and Unified Approach to Database Design and Manipulation", T. Amble et al, in Proc of the Database Architecture Conf, Venice, June 1979]. Point Communications, Celera Genomics, Color Kinetics kinetics: see dynamics. Kinetics (classical mechanics) That part of classical mechanics which deals with the relation between the motions of material bodies and the forces acting upon them. , Cytyc, DataSage, Exact Sciences, PerSeptive Biosystems, Telecorp PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. and TripAdvisor. Headquartered in Cambridge, MA, Flagship Ventures was founded in 1999 and manages over $600 million. For more information, visit www.flagshipventures.com. About Sherbrooke Capital Sherbrooke Capital (www.sherbrookecapital.com) is a venture capital fund which invests in the rapidly growing health and wellness industry. Sherbrooke's investment focus encompasses companies at the convergence of the consumer and pharmaceutical industries, including product, service, diagnostic and device companies. (C)2004 Affinnova Inc. Affinnova and IDEA(TM) are trademarks of Affinnova, Inc. Other trademarks are the property of their respective owners. |
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