Radar Networks Announces $13 Million Raise of Venture Capital

Feb 26, 2008


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Radar Networks, the company behind Twine, one of the first mainstream applications of the semantic web, announced 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. As part of the deal, Ross Levinsohn, a partner at Velocity Interactive, will join Radar Networks’ Board of Directors, which will also include Baris Karadogan, another Velocity Interactive partner, as an observer. Levinsohn and Karadogan join current board members Steve Hall, Managing Director of Vulcan Capital, and Nova Spivak, Founder and CEO of Radar Networks. The new monies will be used to roll out and scale Twine for mass consumer audiences. Twine is a new service that helps users organize, share, and discover information about their interests with networks of like-minded people. Powered by semantic understanding, Twine automatically organizes information, learns about users’ interests, and makes connections and recommendations.
(www.twine.com)