Andreessen Horowitz Leads $12.6 Million Investment In Magnet Systems

Posted Apr 27, 2011

Social enterprise company Magnet Systems was founded by Alfred Chuang and has raised $12.6 million in Series A funding led by Andreessen Horowitz. Other investors in this round include Alfred Chuang himself and Bill Janeway.

According to the about page of Magnet Systems:

The absence of social applications has been a glaring hole in nearly every enterprise IT portfolio. People today work and communicate through blogs, email, images, personal relationships, referrals, videos, websites and so much more. Unfortunately, traditional enterprise applications aren?t designed to capture the vast amount of knowledge held in these unstructured assets. While traditional enterprise applications are very good at capturing and processing structured data, they are an artifact of 20th century technology that is inadequate for the way people conduct business today.