Phorm "talking to other UK ISPs"

 

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By Barry Collins

Posted on 10 Jun 2009 at 12:00

Phorm has revealed that it is in talks with other British ISPs, as the company announced £15 million of fresh funding.

Phorm last week unveiled Webwise Discover, a service that recommends websites to users based on their surfing history, in a similar vein to the company's controversial advertising platform.

However, it was once again forced to admit that none of its existing ISP partners were yet prepared to roll out the technology.

Phorm has agreements with BT, Virgin Media and Carphone Warehouse, but has yet to convince a single UK ISP to commit to a full commercial launch of its services.

Now it appears the company is casting its net wider. The company says it plans to use the proceeds of its £15m share issue to "continue the implementation of its service in the UK and Korean markets, and for general working capital purposes, as the Company continues its discussions with other ISPs both in the UK and internationally."

The fresh investment may give Phorm more breathing space to sign up extra partners. The company has issued 3.3 million new shares, which combined are worth approximately a fifth of the company.

Last week, the company expressed its irritation at the slow pace of progress with its current partners. "The sooner we get launched the better," said senior vice-president Marc Burgess. "You can't believe how frustrating it is for us."