Circle Group Internet Invests $1 Million in Illinois' Emerging High Tech Businesses.MUNDELEIN, Ill.--(BUSINESS WIRE)--Sept. 29, 1999-- Circle Group Internet, Inc. (CGI CGI in full Common Gateway Interface. Specification by which a Web server passes data between itself and an application program. Typically, a Web user will make a request of the Web server, which in turn passes the request to a CGI application program. ), a full service business-to-business development firm assisting emerging technology companies within Illinois, today officially announced plans to invest $1 million in a new venture capital fund for Illinois technology companies. CGI's services are tailored to support high-tech companies in their efforts to secure funding. As a result, the firm is in an excellent position to gauge the region's need for venture capital funds Venture Capital Funds An investment fund that manages money from investors seeking private equity stakes in small and medium-size enterprises with strong growth potential. Notes: . "CGI is establishing this venture capital fund in direct response to the overwhelming demand for funds to jumpstart technology growth in Illinois," said Greg Halpern, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CGI. "We see too many exciting high-tech firms competing for too little capital, thereby limiting technology's growth in our region." CGI's venture capital fund will be open to as many as 100 accredited investors Accredited Investor A term used by the Securities and Exchange Commission (SEC) under Regulation D to refer to investors who are financially sophisticated and have a reduced need for the protection provided by certain government filings. Also known as "qualified purchaser". for a total of $100 million. The fund's purpose is to accelerate the funding and creation of qualified emerging companies in the Internet sector within Illinois. "Bolstering our region's technology growth--and creating new bonds among state agencies and business development firms--will spur a wealth of benefits statewide, such as new employment, education, improved resources and a higher profile in our nation's technology landscape," Halpern said. "We see tremendous value in fostering such growth, and we encourage the support of the area's leaders, government agencies and private 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] ." Headquartered in Mundelein, IL, Circle Group Internet (CGI), is an emerging leader in the future of Internet investment banking, offering innovative solutions to help companies find success using the Internet's resources. Founded by visionary Greg Halpern, CGI's unique Funds-In program is revolutionizing the process of corporate fundraising
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