GuruNet raised $28.5 million in a company value of $51.5 million in a private placement in 2000. The company held a $5 million financing round in February 2004, at a much lower company value. The company's previous investors Israel Seed Partners and Yossi Vardi, as well as other investors, whose identities were not disclosed, participated in the round. Highland Capital Partners, which participated in GuruNet's second financing round in 2000, did not participate in the latest round, and its stake was diluted. Investors in the present private placement knew about the plan of GuruNet's investors and managers to file a prospectus to hold a Nasdaq Small Cap IPO.
GuruNet's managers and investors declined to comment on the report, due to US Securities and Exchange (SEC) restrictions when a prospectus has been filed.
GuruNet develops solutions for managing information and responding to questions by individual and business Internet surfers. GuruNet's application is added to the browser, providing access to links on subjects appearing on the surfer's webpages.
GuruNet's founders include chairman and CEO Robert S. Rosenschein, a founder of Accent Software, which developed multilingual word processing software. Accent's investors included Garage.com.
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