Birchmere Ventures II LP Announces First Closing; Lightningcast, Inc. Receives First Investment from New Fund.Business Editors PITTSBURGH--(BUSINESS WIRE)--April 10, 2000 Birchmere Ventures II LP today announced its first closing with local investors, which resulted in commitments of $25 million. Announced in February, the new venture is raising $75 million for venture capital investments in seed and early stage information technology companies with a focus on companies in Western Pennsylvania Western Pennsylvania consists of the western third of the state of Pennsylvania in the United States. Pittsburgh is the largest city in the region, with a metropolitan area of about 2.4 million people, and is the cultural center for Western Pennsylvania. . The new fund is managed by Sean D.S D.S Drainage Structure (flood protection) . Sebastian, Gary G. Glausser and Ned Renzi. "The Fund exceeded its goal for a first closing," commented Glausser. "Regionally, we have witnessed a dramatic attitude change in investing in venture capital. More people are realizing the vitality of the region as a tech hot bed and want to be part of building the new economy." Sebastian commented, "The new fund had already closed on its first investment, Lightningcast, Inc., a company founded by former Fore Systems' employees to provide advertising services in the fast growth streaming media See streaming audio, streaming video and digital media hub. market. We are looking forward to moving forward with identifying and supporting other cutting-edge technologies in our region." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Renzi, there are a tremendous amount of companies seeking venture capital, "The deal flow has been very strong and we have several additional investment opportunities already in the pipeline. As more companies go public and more funds are created, we anticipate the national perception of the region to evolve into one in which technology companies are created and provided with all of the necessary support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to compete and thrive on a global basis." As previously reported, Birchmere Ventures II LP will establish a technology accelerator program in Pittsburgh to provide value-added support services and capital. Birchmere Ventures II LP, is the leading venture capital fund focused on the Western Pennsylvania region. Its previous fund, Birchmere Investments LP was established with an initial capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of $20 million in 1996 by Richard P. Simmons. Since then the fund has invested in 17 companies, most notably FreeMarkets, CoManage, Mediasite, Cerebellum cerebellum (sĕr'əbĕl`əm), portion of the brain that coordinates movements of voluntary (skeletal) muscles. It contains about half of the brain's neurons, but these particular nerve cells are so small that the cerebellum accounts for and ServiceWare. |
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