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Flamenco Networks Secures Series B Funding
ATLANTA, Ga. - (BUSINESS WIRE) - Aug. 5, 2002 - Flamenco Networks, a leading provider of Web services networking solutions, today announced that it has raised an additional $7.4 million in a Series B round of financing. Institutional investors include Flagship Ventures (OneLiberty, AGTC, NewcoGen), one of the country's leading venture capital firms focused on life science, information and communication technology start-ups. Flagship Ventures is joined in this round by Atlanta-based Noro-Moseley Partners and Cordova Ventures, both of whom provided part of Flamenco's initial funding of $6.4 million.
Flamenco Networks will use the additional funds to further invest in product development, business development and marketing. "Web services are no longer a boardroom concept," says Dave Spicer, Flamenco Networks CEO. "More and more companies are implementing projects and discovering that they need a Web services management infrastructure like the Flamenco Network. This investment allows us to expand in tandem with what we believe will be rapidly increasing market demand."
"Web services management solutions and peer-to-peer networking technologies are poised to have significant impact on the way companies do business and Flamenco Networks has captured a leadership position in both," says Jim Matheson of Flagship Ventures. "We look forward to working with the company and assisting them through this period of rapid market expansion."
James V. Matheson Joins Flamenco Networks Board of Directors
Jim Matheson of Flagship Ventures has joined Flamenco's Board of Directors. Jim has been with Flagship Ventures since 2000 where his primary areas of focus are software applications and technology infrastructures. Prior to joining Flagship Ventures, he served for 15 years as an officer and fighter pilot in the U.S. Navy, earned a BS in Computer Science from the U.S. Naval Academy and an MBA from Harvard Business School. Jim also serves as Director on the Board of Yantra, and as Board Observer for Affinnova, Brainshark, Blue Agave Software and OnExhange, all Flagship Ventures portfolio companies.
"We are honored to be associated with Flagship Ventures and to have Jim join our leadership team," says Dave Spicer, Flamenco Networks CEO. "Their experience with successfully growing technology companies in new markets will be invaluable as Flamenco pursues its goal of becoming a market leader in providing Web services management solutions."
About Flamenco Networks
Flamenco Networks is a leading provider of Web services networking solutions. By eliminating the cross-platform and cross-organization implementation and management issues associated with Web services, Flamenco Networks accelerates time-to-benefit while reducing project costs by up to 80%. For more information, visit www.flamenconetworks.com.
Source: Flamenco Networks
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