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Visual IQ raises $3 million as interest grows for software-as-a-service

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On-demand data-mining service provider Visual IQ is the latest player in software as a service to draw interest from investors, raising $3 million in funding from Fog City Capital on Monday.

Others include RealPage, which offers Web-based software that helps landlords deal with renters more efficiently. That company recently raised $180 million in its initial public offering on August 12. And LinkedIn also acquired Software-as-a-service provider mSpoke on August 5.

The $3 million investment represents Visual IQ’s first institutional round of venture capital funding, which is marked for expansion and team development..

The Needham, Mass.-based company, formerly known as Connexion.a, offers hosted premium services — IQ Insight, IQ Envoy and Audience IQ — as a way to improve advertising effectiveness with data mining tools for market research without significant upfront investment and technical support. The top-tier Audience IQ service uses predictive modeling and simulation based off market research to improve advertising performance, according to the company’s website.

Visual IQ was founded by current Chief Technology Officer Anto Chittilappilly, who formerly worked with Sun Microsystems and specialized in online analytical processing and data mining. Manu Mathew, the former managing director of Carat Fusion’s Boston offices, is CEO.

CVS Pharmacy, Microsoft and Pfizer are among the companies listed on Visual IQ’s website as clients.

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