In tough economic times, some see hardship while others see opportunity. Speaking of which—want a good deal on a house?
Bellevue, WA-based DepotPoint, a real-estate technology company specializing in the foreclosure market, announced today that it has closed a $7 million round of Series C funding. OVP Venture Partners led the round, and Trident Capital also participated.
Last month, DepotPoint launched a website that provides free access to the street addresses of some 1.2 million foreclosure properties in the United States. “We hope to change the way distressed properties are processed by creating new efficiencies in mortgage servicing and real estate transactions,” said DepotPoint CEO Prakash Kondepudi in a statement.
Author: Gregory T. Huang
Greg is a veteran journalist who has covered a wide range of science, technology, and business. As former editor in chief, he overaw daily news, features, and events across Xconomy's national network. Before joining Xconomy, he was a features editor at New Scientist magazine, where he edited and wrote articles on physics, technology, and neuroscience. Previously he was senior writer at Technology Review, where he reported on emerging technologies, R&D, and advances in computing, robotics, and applied physics. His writing has also appeared in Wired, Nature, and The Atlantic Monthly’s website. He was named a New York Times professional fellow in 2003.
Greg is the co-author of Guanxi (Simon & Schuster, 2006), about Microsoft in China and the global competition for talent and technology. Before becoming a journalist, he did research at MIT’s Artificial Intelligence Lab. He has published 20 papers in scientific journals and conferences and spoken on innovation at Adobe, Amazon, eBay, Google, HP, Microsoft, Yahoo, and other organizations. He has a Master’s and Ph.D. in electrical engineering and computer science from MIT, and a B.S. in electrical engineering from the University of Illinois, Urbana-Champaign.
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