Open source Web application services firm Digital Creations, is closing a $12
million round of financing led by Whitney & Co., Intel 64 Fund
and Opticality Ventures I, LP. The funding round will be used to
scale and build significant strategic partnerships for the
Fredericksburg, Va.-based company.
Digital Creations' Zope, its development platform, makes it easy
to build features such as site search, news, personalization, and
e-commerce into web applications.
"Zope is a leading open source Web application server that
enables teams to collaborate in the creation and management of
dynamic Web-based business applications such as intranets and
portals," said Rob Page, co-founder and chief operating officer of
Digital Creations. "The market for our technology and services
solutions, has dramatically expanded over the last year. Digital
Creations possesses the technology and time-to-market advantages
customers demand, and is geared to deliver quickly, efficiently and
Added Jeffrey Jay, general partner at Whitney & Co.,
"Digital Creations has executed flawlessly in their quest to
deliver premier Web applications solutions to an impressive roster
of customers that includes the Navy, Zap Media, HomeGain, and CBS,
leveraging Zope's time-to-market advantage over all competitors.
They continue to innovate and deliver. Digital Creations
consistently meets the demands of its customers, and we are
delighted to be a part of this team which is helping shape the
future of highly dynamic, interactive web-based services."
The Stamford, Conn.-based Whitney & Co. is a diversified
global manager of alternative assets with over $5 billion invested
in private and public equity and debt. The firm has more than 130
investment professionals located in its Stamford headquarters, as
well as in six other offices in San Francisco, Boston, London,
Tokyo, Hong Kong, and Singapore.
The Intel 64 Fund is a quarter billion dollar equity fund that
invests in emerging technologies for next-generation servers and
workstations utilizing Intel's IA-64 architecture. The fund is
coordinated by Intel with Compaq, Dell, HP, Intel, NEC, and SGI as
co-investors. The fund's other investors, managed by Morgan Stanley
Dean Witter, include Bank of America, The Boeing Company, Circuit
City, Enron, Ford Motor Company, General Electric, McKessonHBOC,
Morgan Stanley Dean Witter, Reuters, Sabre, SmithKline Beecham,
Sumitomo Corp., SunAmerica and Telmex.
Opticality Ventures is a venture capital firm focused on
investments in private technology companies, particularly those
involved in the Internet, finance, e-commerce, business-to-business
and software development concentrating on programming tools,
development environments, distributed object systems and