Radar Networks Announces $13 Million Raise of Venture Capital
B round is led by Velocity Interactive Group, with participation from Draper Fisher Jurvetson and Vulcan Capital; Ross Levinsohn to join Radar Networks Board
SAN FRANCISCO, CA. — February 25, 2007 — Radar Networks, a pioneer of Semantic Web technology, today announced today that the company has secured $13 million in a series B round of venture capital. The round is led by Velocity Interactive Group, based in Palo Alto, CA, with participation from Draper Fisher Jurvetson of Menlo Park, CA as well as previous investor Vulcan Capital of Seattle, WA. Twine is one of the first mainstream applications of the Semantic Web, or what is sometimes referred to as Web 3.0.
“We are thrilled to be working with Nova and the Radar team. Twine is not only incredibly useful, but has all the makings of the next big disruptive service on the Web” said Ross Levinsohn, Partner, Velocity Interactive. “We see Twine at the center of a developing ecosystem, one that is central to our overall investment strategy moving forward.”
As part of the deal, Levinsohn will join Radar Networks’ Board of Directors, which will also include Baris Karadogan, Partner, Velocity Interactive, as an observer. Levinsohn and Karadogan join current Board members Steve Hall, Managing Director, Vulcan Capital and Nova Spivack, Founder and CEO, Radar Networks. The new monies will be used to roll out and scale Twine for mass consumer audiences.
“What we’ve seen early on from Nova and team is extremely promising, and what they have shown the world is just the tip of the iceberg, said Tim Draper, Founder and Managing Director, Draper Fisher Jurvetson. “It isn’t going to happen overnight, but as the Twine service continues to open up and extend, we’re going to see the Web change profoundly, and for the better.”
Twine is a new service that helps users organize, share and discover information about their interests, with networks of like-minded people. Individuals can use Twine alone, with friends, groups and communities, or even in the workplace. Powered by semantic understanding, Twine automatically organizes information, learns about users’ interests and makes connections and recommendations.
“Vulcan Capital has made a strong commitment to the Semantic Web,” said Steve Hall, Managing Director, Vulcan Capital. “We are very optimistic about the future of Radar Networks and Twine.”
Including the company’s A round of venture capital that closed in April of 2006, Radar Networks has raised a total of $18 million for the development of Twine, including additional debt-financing above this total equity sum.
“Our vision is for Twine to be the ultimate tool for organizing, sharing and discovering information about your interests” said Radar Networks Founder and CEO Nova Spivack. “It is now time to open up and scale the business to the broader consumer market. What you’ll see from us over the next year are a series of improvements, new features, and new content in Twine that will make this vision a reality.”
About Radar Networks
Radar Networks is the company behind Twine, the smartest way to organize, share and discover information about your interests. Radar Networks was founded in 2003 by Web visionary Nova Spivack, who co-founded EarthWeb (IPO: 1998) which also produced Dice (IPO: 2007). Radar Networks is backed by Velocity Interactive Group, Draper Fisher Jurvetson, Paul Allen’s Vulcan Capital and Leapfrog Ventures as well as leading angel investors, and is headquartered in San Francisco. For more information on Radar Networks and Twine, visit http://www.twine.com.
About Velocity Interactive Group
Velocity Interactive Group is a leading investment firm that focuses on digital media and communications. The firm brings a unique approach to investing by bringing not just financial capital, but also human capital to its investment companies. Velocity Interactive Group has a global presence in Palo Alto, Los Angeles, New York, India and China. For more information, please visit http://www.velocityig.com
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the leader in seed and early-stage venture capital, typically serving as a startup's first outside source of financing. Founded in 1985, Draper Fisher Jurvetson has created a global network of affiliated venture funds with approximately $4.5 billion in capital commitments and offices in the major technology centers around the world. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world. Additional information may be found at http://www.dfj.com
About Vulcan Capital
Vulcan Capital is the private investment arm of Vulcan Inc., the project and investment management company founded by Paul G. Allen in 1986 to manage his personal and business initiatives. Vulcan Capital is focused on generating long-term value appreciation across a multibillion dollar portfolio which spans diverse industry sectors and investment asset classes ranging from early-stage venture investments to public equity value investing, leveraged buyouts, acquisitions, and distressed situations. Additional information may be obtained at http://www.capital.vulcan.com
Media Contact: Joshua Dilworth, Porter Novelli for Radar Networks,
(512) 241-2248, email@example.com.