Sunday, November 12, 2006

Venture Capital: Startups reach into some deep pockets

"Pelago, a stealthy startup formed earlier this year by former Senior Vice President Jeff Holden and former engineer Darren Vengroff, has raised $7.4 million from Kleiner Perkins Caufield & Byers, founder Jeff Bezos and Trilogy Equity Partners. The money will be used to continue working on a new mobile service that involves social networking.
Meanwhile, Ontela, led by former RealNetworks group manager Dan Shapiro, has raised $4.5 million from Hunt Ventures, Oak Investment Partners and Voyager Capital. It will use the funds to develop a technology that helps people manage photographs taken on their camera phones."

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