Covario Raises $16M

San Diego-based Covario, a provider of search engine marketing software and services, said today that it has raised $16M in a Series B funding round. The company, which was until yesterday known as SEMDirector, said the funding came from FTVentures, and also included prior investor Dubilier & Company and Voyager Capital. The firm said it will use the funding to grow its search automation solutions, and for its expansion into display and video advertising. Eric Byunn of FTVentures will join the firm's board of directors along with the funding. Covario provides search engine marketing (SEM) and search engine optimization (SEO) software for companies, and has recently expanded its focus to also include optimization of other advertising. More information »