Digital Creations Closes $12 Million Funding RoundNov 13, 2000, 21:02 (0 Talkback[s])
(Other stories by Roy Mark)
By Roy Mark
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 cost-effectively."
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 programming languages.