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NeuVis Nabs $56.5 Million in Venture Funding
Goldman Sachs leads mezzanine round; CII back for more
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Business New Haven
4/3/2000
By: BNH
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NeuVis, a Shelton firm specializing in electronic business and commerce systems, last month announced that it had secured $56.5 million in venture funding.
The financing was led by affiliates of Goldman Sachs, with additional investments from Lehman Brothers Venture Partners, efinanceworks, Galleon Group, GE Investment Corp., Allen & Co., Voyager Capital, the Chatterjee Group as well as repeat investors J&W Seligman New Technologies Fund and Connecticut Innovations Inc. (CII), among others.
The funding will help fuel the company's expansion, product development, sales and marketing initiatives.
“The investment community recognizes the need for a new approach to e-commerce development, with a new platform that is up to the demands of the Internet economy,” said NeuVis Chairman Arun Gupta. “The size and scope of this round demonstrates real confidence in NeuVis' business model and technology.”
“NeuVis is well positioned to take a leading role in the e-business platform arena,” added Ronnie Jacobe, a vice president of Goldman Sachs.
The quasi-public CII was an initial investor in NeuVis. Now it has agreed to participate in the so-called mezzanine financing round, intended to bring companies fully operational.
“Since our initial investment in NeuVis, they have successfully launched their platform, secured a number of customers and have been growing at a rapid pace,” said CII Executive Director Victor R. Budnick. “They show no signs of slowing down and appear ready to take a significant piece of the booming e-business development market.”
The NeuVis e-business Platform comprises four components that incorporate a client's specific business requirements and technology to build a flexible e-commerce solution.
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