TACIT KNOWLEDGE SYSTEMS RECEIVES NEW FUNDING FROM IN-Q-TEL
November 28, 2001
Palo Alto, CA
Tacit Knowledge Systems, a pioneer and leader in Expertise Automation for the Enterprise, today announced that it has secured significant funding from In-Q-Tel, Inc., a private not-for-profit "venture catalyst" funded by the U.S. Central Intelligence Agency. In-Q-Tel invests in leading edge information technologies with application to the government and private sector.
The funding includes an equity investment in Tacit and also a revenue component for Tacit, making In-Q-Tel both an investor and a strategic customer. The investment completes the second closing of an $11M venture financing round in July.
"In-Q-Tel is building a portfolio of highly innovative and important new commercial technologies that can help address the toughest IT challenges the CIA faces today," said Gilman Louie, In-Q-Tel's president and CEO. "We invested in Tacit because its patented technology provides a unique way to manage and distribute knowledge across large organizations," said Louie. "By discerning the changing interests of users and identifying information of value to an individual, Tacit enables you to know which groups or people have interest in a specific document at any given moment. That insight offers tremendous value for both large-scale government, as well as commercial, applications."
David Gilmour, CEO and founder of Tacit, states that, "We're delighted to have In-Q-Tel as a partner, investor, and discerning, top tier customer. This relationship validates the enormous potential value of Tacit's technology within a wide range of government agencies that have many of the same internal challenges as our commercial customers. Tacit's technology can help any organization respond more quickly to unpredictable demands, continuously identify and apply all of the knowledge of its employees, and better coordinate internal initiatives and communication. Achieving these goals within the public sector has never been more important."
About Tacit Knowledge Systems, Inc.
Tacit Knowledge Systems, Inc. is the pioneer and leader in Expertise Automation for the enterprise. The core technology behind Tacit's award-winning products enables organizations to resolve complex business problems beyond the reach of other technologies by continuously discovering and delivering human expertise in the organization. Automatically and with complete privacy, Tacit's KnowledgeMail enterprise product inventories the most important organizational asset: employee expertise. Tacit is headquartered in Palo Alto, and has regional sales offices throughout the continental U.S. including Illinois, Maryland, and Pennsylvania. For more information about Tacit, please visit the company Web site at www.tacit.com.
About In-Q-Tel, Inc.
In-Q-Tel is an independent, private, non-profit company funded by the U.S. Government with one objective: to identify and deliver the next generation of information technologies to support the Central Intelligence Agency (CIA). As a "venture catalyst," In-Q-Tel combines strategic investing with technology expertise to partner with leading technology innovators. In-Q-Tel focuses on commercial technologies that address CIA's critical needs. This makes In-Q-Tel a unique, valuable partner providing opportunities for companies to catalyze their cutting edge technologies, access capital and the marketplace, and ultimately enhance national security. Its ability to provide entrepreneurs and financiers with critical evaluations of new technologies represents a distinct value-add to their efforts to bring winning products to market as quickly as possible. Founded in 1999, In-Q-Tel has partnered with more than 20 technology companies. Additional information about In-Q-Tel is available at www.in-q-tel.org.
