Parakweet, an online platform that offers product recommendations to the market, said on Tuesday that it has acquired $2 million in funding. Investors include Scott Banister, a PayPal investor, Zappos and Powerset, Alan Braverman, founder of Yammer and Eventbrite, David Jeske, Google's former Director of Engineering, and angel investors. The San Francisco-based company also offers social media analytics and metadata to numerous multinational companies.
Parakweet will use the acquisition to fun its new products and innovate new technology such as BookVibe. BookVibe is Parakweet's book search and discovery engine.
Chief Executive Officer and co-founder of Parakweet Ramesh Haridas said, "We started Parakweet to distill actionable insights from the unstructured language of social media." He added: "Today, we're providing consumers with book recommendations based on a user's personal interests and the interests and affinities of the people they follow. Our platform also allows companies to tap into the behavioral signals consumers are generating across social media and uncover actionable and competitive insights."
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