Affinnova Adds $6 Million in B Round from Flagship Ventures.Business Editors/Health/Medical Writers/High-Tech Writers CAMBRIDGE, Mass.--(BUSINESS WIRE)--July 9, 2003 Affinnova, a leading provider of product design, development, and testing solutions, announced today that it has completed a $6 million Series B round of financing led by Flagship Ventures. This latest financing round is expected to accelerate the 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" of Affinnova's solutions coming on the heels of a six-month period when the Company recorded revenue growth of more than 120% over prior year. Fueled by growing 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 , apparel, retail and 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. markets, Affinnova is becoming a recognized solution to consumer brand companies as they look to improve new product success rates by bringing the consumer more effectively into the product development process. "Affinnova is going after a big prize--to change the way consumer-focused companies develop and promote new products," said David Flaschen, a Managing Director at Flagship Ventures. He continued, "They have everything we are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. in a high potential venture; they address a huge market opportunity validated by blue chip customers, they have unique intellectual property, and they have a management team with multiple entrepreneurial successes to their credit." "We are delighted with Flagship's significant and ongoing commitment to our Company's future. Their guidance and intensive support will continue to be an integral part of our success," said Affinnova's 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. Rob Frasca. "The additional Flagship investment, the recently announced appointment of David Andonian as Executive Chairman, and our deepening relationships with clients such as Procter & Gamble, General Mills  This article or section may contain a proseline.Please help [ convert this timeline] into prose or, if necessary, a . , and ConAgra further reinforce the confidence we have in our solution and its broad applicability throughout the product and brand development process." About Affinnova: Affinnova provides solutions designed to significantly improve product success rates by applying evolutionary principles The evolutionary principle is a largely psychological doctrine formulated by anthropologist Claude Levi-Strauss which roughly states that when a certain species is removed from the habitat which it evolved in, or that habitat changes significantly within a brief period, the said to the process - coupling its patent-pending IDEA(TM) technology with its expertise in genetics, marketing, technology, and design. Affinnova's solutions have broad applicability, and enable consumer brand companies to bring the voice of the customer into the key stages of the product development life cycle, delivering superior insight and decision-making support. For more information, visit www.affinnova.com. About Flagship Ventures: Founded in 1999, Flagship Ventures (www.flagshipventures.com) is an entrepreneurship and venture capital firm comprising a family of funds Family of Funds A group of mutual funds offered by one investment or fund company. Each mutual fund has different characteristics and can range depending on investment objective. Also referred to as a "Mutual Fund Family" or simply a "Fund Family". : OneLiberty Funds, AGTC AGTC Advanced Airport Ground Traffic Control System Funds and NewcoGen Group. Flagship currently invests from $400 million in funds raised in 2000, and manages a total pool of committed capital approaching $600 million. The Flagship Ventures team consists of 20 professionals focused on creating, financing, and building companies in the life science, information technology and communications sectors. |
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