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Parakweet Raises $2M Angel Funding For Book Recommendation Engine BookVibe

ParakweetSocial Media analytics startup Parakweet has raised $2 million in an angel funding round from Scott Banister (an early investor in PayPal), Alan Braverman (co-founder of Yammer), David Jeske (ex-director of engineering at Google) and Vikas Taneja (senior partner and MD of The Boston Consulting Group), and other unnamed angel investors, reports Techcircle. The funds raised will be used to further develop recently launched book discovery engine BookVibe and other product innovations,as indicated by the report.

Headquartered in San-Francisco, Parakweet was founded by Ramesh Haridas and Kiam Choo in 2010. Its social media product offers analytics, recommendations, and metadata to media firms. It also provides two products, BookVibe and a similar product for movies. The company claims that its products identifies discussions about movies or books and analyzes sentiment, and identifies specific behavior patterns. The company also offers API for building products on Book and Movies by providing metadata on sentiments, behavior and intent.

BooVibe

BookVibe: One can just signup with their email address and BookVibe sends you recommendations with Book title, recommendations from whom, Social buzz about the book, and ratings. One can also check book recommendation from their own social network. For example when I enter my Twitter identity, I get recommendations from everyone I follow. This is a good way of discovering what to read next and who is recommending it.

On the surface, BookVibe competes with social network for book readers Goodreads, Shelfari, Slice Bookshelf, among others.

Other fundings in the segment: In April 2012, Social Media benchmarking company Unmetric has raised $3.2 million in Series A funding led by Nexus Venture Partners. In November 2011, social media marketing and analytics company Salorix had raised $3.5 million in a series A funding round co-led by Inventus Capital Partners and Nexus Venture Partners. The company had then stated that it intends to use the funds raised to improve its technology development efforts and expand its existing solution sets. Mumbai-based social media agency Social Wavelength has also raised a second round of angel funding from four investors including two existing angel investors Sunish Sharma and Jayendra Shah.

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