Big Web Bet.Yet another local tech company has bucked the ailing markets and announced a major venture capital investment. WebVision, a Torrance-based e-business infrastructure services company, was able to raise $45 million in third-round funding, bringing the company's total equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. raised in the last 12 months to $62 million. Although many dot-coms have reported that the capital markets are tightening, Web Vision's experience of pulling in a major investment wasn't akin to pulling teeth. "It was relatively easy," said Craig Froelich Craig Froelich (born August 7, 1970 in Madison, Wisconsin, raised in Lake Mills, WI) is an American novelist. He earned a bachelor's degree from the University of Wisconsin, Madison, in 1992. Novels include Tyranena published in 1993 and Crosston Ridge in 1994. , director of marketing and product management for WebVision. "(The investors) believe, as we believe, that this is where the Internet is going: toward a single point of responsibility. They recognized that and they decided to move forward, and it all happened without too much of a hassle Hassle () is a location in Närke, Sweden, where a Celtic treasure was found in 1936. It comprises a large bronze cauldron which contained two Bronze Age swords of the Hallstatt type, a pommel of bronze, two bronze buckets with ." WebVision has developed software to help clients sell, auction, buy, hire and conduct other business transactions online. The software also deploys clients' systems onto the Internet, and manages and maintains the systems once they are on the Web. Freeman Spogli & Co., a private L.A.-based venture firm, putup an $18.4 million investment, and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. & Co. contributed $7.5 million. Venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] TL Ventures and SCP (1) (Service Control Point) A node in an SS7 telephone network that provides an interface to databases, which may reside within the SCP computer or in other computers. Private Equity Partners, two firms that invested in Web Vision's second round of funding, invested about $5 million each in this third round. The remainder of the investment came from private funds or investors. |
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