Name: Rivermine Software
Funding: Rivermine recently raised $10 million in venture funding from Valhalla Partners, Columbia Capital and Longworth Partners of Boston. Its initial round of venture funding, for $5 million, was last year.
Big idea: Rivermine makes software that helps companies track their telecommunications assets and spending. The software focuses on buying, inventory tracking and contract management. Companies can use the software to monitor the buying of telecom assets like cell phones and T1 lines, track those assets as they go in and out of service, and manage and audit invoices from vendors.
Example of use: A business or government agency in flux might use Rivermine's software to monitor the telecom assets associated with offices that are opening or closing, so they could avoid paying for services they aren't using. Carriers can also bill directly through the software, and companies can pay them.
Where the idea was hatched: Kevin Dunetz, chief technology officer, began his career at Bell Labs writing telecom standards, chief executive Mark Logan said. While Dunetz was there, he noticed the difficulties large enterprises had in handling and tracking their telecom assets.
Big-name customers: Marriott, Sodexho, Capital One.
Price: Depends on the size of the company, Logan said, but can range from $250,000 to millions of dollars.
Who's in charge: Mark Logan, president and chief executive; Stewart Curley, chief financial officer; and Kevin Dunetz, chief technology officer.
Employees: 60. The company doubled last year and will double again this year, Logan said.
Web site: www.rivermine.com
Partners: BearingPoint. The company also has relationships with the major telecom carriers, Logan said.
What the name means: "The notion is once you have software . . . to collect inventory of your telecom assets . . . once you have that data, you can then mine it to see if you have the right assets," said Logan. "We also believe the implementation of our [software] allows information to flow from one location to another in a nice river-like flow."
Quote: "No longer is it acceptable to tell the CFO, 'We spent $100 million on telecom assets and we don't know what we have,'" Logan said.
-- Andrea Caumont