Gridstone raises $10 million

Gridstone Research, a financial Information and search company, today announced the closing of a Series B funding of $10 million.

The investment was led by Helion Venture Partners with existing investors Charles River Ventures and Maverick Capital also participating. Gridstone Research was started by Basab Pradhan, who was earlier with Infosys Technologies.

Gridstone sells a research platform for financial analysts that combines financial data and search technology. The funds raised will be used for further product development and to expand the sales force.

"This gives us the fuel to continue on our mission of making company research easier," said Basab Pradhan, CEO, Gridstone Research.

"We think that analysts who research public companies today are having to attack the information overload with toothpicks instead of powertools. There is a better way, using search and semantic technologies. Our research platform is just such a powertool."

The company sells its research platform to buy-side investment managers. It already has several leading funds like Alliance Bernstein, Oppenheimer Funds and Nomura Asset Management as its clients.

"Gridstone Research is one of the most promising vertical search companies out there" said Ashish Gupta, Managing Director, Helion Ventures Pvt Ltd. "By applying search and related technologies to the area of finance and company research, Gridstone has created a powerful value proposition for investment managers," he said.