Chevron Technology Ventures along with other venture capital firms and institutional investors are to put up $6.5 million in Series B funding for MetaCarta – the geographic document search specialist. MetaCarta combines textual place name search with a geographic information system (GIS) to provide an innovative way of accessing large document databases (see Oil ITJ Vol. 8 N° 3).
MetaCarta’s flagship product, MetaCarta Geographic Text Search (GTS), uses natural language processing to identify implied and explicit references to geographic locations within documents. The solution marks documents with appropriate latitude and longitude coordinates, and then enables a search for marked documents through a Graphical User Interface (GUI). Users search for documents using a combination of geographic location and keywords.
Independently of the equity investment, ChevronTexaco is a MetaCarta customer and uses the product at several locations around the world. MetaCarta reports other users in the intelligence and defence sectors. The new funding will be used to expand the product line, and to explore new market segments.
MetaCarta founder John Frank said, ‘We continue to grow upon early successes. Our company’s vision, and our employees’ effort and expertise continues to drive our growing recognition and product acceptance within government and energy markets. This latest investment is a testament to our organization’s ability to deliver valuable solutions in support of mission critical customer needs.’
Chevron Technology Ventures LLC, a unit of ChevronTexaco Corporation, is involved with identifying and investing in new and emerging technologies that have the potential to enhance the performance of ChevronTexaco businesses and lead to new growth opportunities. Based in San Ramon, Calif., ChevronTexaco is the second largest U.S.-based energy company and the fifth largest in the world, based on market capitalization. Co-investors in this round of funding are Sevin Rosen Funds, Solstice Capital and Chisholm Private Capital Partners.
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