Monday, September 17, 2007Interview with Adam Miller, Cornerstone OnDemandSanta Monica-based Cornerstone OnDemand (www.cornerstoneondemand.com) is announcing today that it has raised a venture capital round, worth a healthy $32M, to help fund expansion at the software firm. We spoke with Adam Miller, the firm's CEO, about the company and its human resources software, its funding and its expansion plans. Ben Kuo conducted the interview.
Congrats on the new funding round. How much are you raising, and who is funding you?
Adam Miller: We are raising $32 million, a (More info...)
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SoCal Sees Web 2.0 Investment IncreaseAccording to a new report released this morning by Dow Jones VentureOne, Southern California saw a "surge" in Web 2.0 venture capital deals in the first half of the year, with $59M invested in eight Web 2.0 deals, as investors put more than $464.2M globally in the sector. The report, released by Dow Jones VentureOne and Ernst & Young, found that investments in Southern California were approaching last year's total of $64M in 13 deals. According to the report, most of the deals so far in the U.S. (More info...)
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Cornerstone OnDemand Raises $32MSanta Monica-based Cornerstone OnDemand said this morning that it has completed $32M in new financing for the firm, in a round led by Beseemer Venture Partners and Bay Partners. Cornerstone is a provider of on-demand, software-as-a-service which allows companies to manage their employees. According to Cornerstone OnDemand, the new funding will go towards speeding growth and international expansion. Byron Deeter of Bessemer and Neil Sadaranganey of Bay Partners will join the firm's board of direc (More info...)
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Pentadyne Power Adds $14MChatsworth-based Pentadyne Power, a developer of flywheel-based energy storage systems used for uninterruptible power supplies and energy storage, said Monday morning that it has raised $14M in a new venture round. Loudwater Investment Partners led the round. No other details of the recapitalization funding were released. Pentadyne's flywheel-based energy storage systems are an alternative to battery-based UPS systems, and use physical flywheels to store energy in case of power failure.
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Bid4Spots Holds UK AuctionEncino, California-based radio advertising firm Bid4Spots said today that it has held its first reverse auction of radio airtime in the United Kingdom. Bid4Spots said that the reverse auction is the first for the firm, and is part of an operation being run for the firm in the UK by Auction Media. Bid4Spots is developing an online, reverse auction system which helps advertisers and radio stations to fill last-minute radio airtime; the firm also has a deal with eBay to provide its reverse auctions (More info...)
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Reunion.com Goes Web 2.0Los Angeles-based Reunion.com said today that it has relaunched its web site, with a new, Web 2.0-style look and feel. The online site, which provides services which help people connect with old friends, classmates, and associates, said the new design is designed to simplify navigation on the site, and also to drive long-term engagement with its members. Among updates to the site, the company has added social-networking style blog entries, ability to add photos, and highlighted personal profiles (More info...)
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Passenger Names COOLos Angeles-based Passenger, a firm developing software-as-a-service for creating private social networks and online communities, said today that it has named Steve Howe as Chief Operating Officer of the firm. Howe joins the firm from Earthlink, where he was a Senior Vice President. Howe has also served at McKinsey & Company. According to Passenger, Howe will head up a new New York office for the company, in addition to overseeing strategic planning, business development, sales and finance, and (More info...)
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