DeepDyve looking for $5M for research engine

DeepDyve, a so-called research engine that provides web sites with tools to power more comprehensive searches, says it is looking to raise $5 million in a first institutional round of funding, initially reported by VentureWire. Based in Sunnyvale, Calif., company says it will use the money for further product development and marketing operations. Right now, it digs up research on life science and medical topics. It hopes to hit profitablity before branching into business and financial research, paidContent reports.

DeepDyve previously raised $9 million in angel funding, including $375,000 brought in early last month from undisclosed investors.

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