IPSNP Computing Inc. Receives Funding From the Government of Canada and Private Placement to Seed Development of Next Generation Search Engine for Web Data
SAINT JOHN, NEW BRUNSWICK--(Marketwire - Oct 18, 2012) - IPSNP Computing, an early stage start-up and national leader in semantic data integration software, announced today that it raised $200,000 to advance the development of its lead product HYDRA. Early stage funding of $50,000 was provided by the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) and $150,000 was raised from private investors.
HYDRA represents a paradigm shift in online data integration and search facilitating seamless querying of data stored in online databases and analytical tools exposed as Web services, both accessible through a unified framework called SADI (Semantic Automatic Discovery and Integration). End users can ask complex questions without knowing the location of target data or which analytical programs to run. In September 2012 IPSNP showcased HYDRA at Medicine 2.0, held in Harvard Medical School, Boston.
Chris Baker, CEO of IPSNP says: "The new investments provide us with a solid foundation to expand our team, drive development of HYDRA, and bring new expertise to the board. HYDRA will provide our customers with more advanced search capabilities at lower cost than current approaches. It will revolutionize the way biomedical researchers find and process information."
Alexander Ryazanov, CTO adds: "The SADI technology has been in development for a number of years and proved successful in multiple case studies. We are now moving aggressively to bring the first industrial-strength query engine for SADI Web services to the market. HYDRA will be able to execute very complex queries and allow non-technical end users to query for information stored all over the web, in thousands or even tens of thousands of online databases and Web services."
"IPSNP is well positioned to enter the market with a superior product offering that addresses a significant unmet need. The initial target market for HYDRA is Bioinformatics, which is expected to reach $8.3 billion by 2014. We are negotiating collaboration agreements in the pharmaceutical sector", states Jeff Jennings, VP Business Development.
Founded in August 2011, IPSNP Computing Inc., http://ipsnp.wikidot.com/, is a private company developing and commercializing cutting-edge technology for multiple verticals including Bioinformatics and Clinical Informatics.
A longer version of the release is available at this address : http://media3.marketwire.com/docs/IPSNP_1018.pdf.
