Santa Monica, California-based decision support start up MineShare Inc has raised $3m in an initial round of venture capital funding from Enterprise Venture Partners. MineShare claims to have developed a product that addresses the problem of enterprise-wide reporting, apparently offering query speeds associated with OLAP online analytical processing, but using ROLAP relational online analytical processing methods. The company says its $3m should see it through to the end of next year, but it will look for a second round of funding in March, with the intention of raising between $5m and $8m. Although the company has only recently started trading, it was established in January last year by David Mariani and Peter Gerritson, former Treasury Services Corp employees, the company that Oracle Corp has just spent $120m acquiring (CI No 3,242). Mariani said the development of MineShare’s new enterprise-wide reporting systems has been carried out by the same team that developed products at Treasury Services. The company currently employees some 22 staff and seeks a flotation within two to three years. Version 1.1 of the MineShare suite has just been launched, with MineShare Architect being the flagship product. Architect acquires transactional data, defines metadata, and builds data marts for query and analysis purposes. It uses Microsoft Office at the front-end, and extends Excel for multidimensional analysis and reporting. Competitors include Informatica Inc on the back end and MicroStrategy Inc on the front end. MineShare says it will ship additional components early next year, including MineShare Publisher, a product that uses push technology to deliver information across corporate intranets.
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