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Metatomix Inc. is not taking any more venture capital, according to its CEO. With a $5.2 million round that closed earlier this month, the company’s total venture investment comes to about $52 million. Contracts for new orders already in place will bring the company to profitability by the end of 2009, said CEO Jeff Dickerson.
Dickerson said management has effected a turnaround from where the Dedham-based analytics software maker was in 2007. The company achieved its goal of tripling sales in 2008 and expects to double its business in 2009, Dickerson said.
In so doing, Metatomix has met milestones set by investors when Dickerson took the corner office in March 2007, said the CEO, who formerly ran eCredit Inc. “Are they happy with the eight-year growth? Probably not,” he said. “Are they happy with the last two-year growth? Absolutely yes.”
The bulk of Metatomix’s business has come from the law enforcement sector. The company, founded in 2000, makes packaged and custom software tools that use semantic search capabilities to pull together information from disparate sources.
Courts use the Metatomix product to definitively establish a person’s identity at arraignment and check for warrants. The company gained some fame last year when its software was adopted by the state of Florida after a county court’s incomplete records led to the release of a wanted man, who later shot a police officer to death.
However, Metatomix also counts State Street Corp. (NYSE: STT) and Airbus SAS among its customers.
Metatomix’s existing investors — Apex Venture Partners, Battelle Ventures LP, Dunrath Capital Inc., North Hill Ventures LP and Velocity Equity Partners LLC — all returned for the latest round of financing, which was listed in a federal regulatory filing as a tranche of a $9 million round. Dickerson said the remainder of the round is in escrow, but the company has no intention of drawing it down.
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