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XAware lands $7.4 million investment round

The maker of open-source data integration software plans to use the funding to expand its business model.

XAware, an open-source data integration developer, announced Tuesday that it raised a $7.4 million third round of funding.

That translates into a total of $26.4 million to date in venture funding for XAware, which develops open-source software tools and components designed to reduce complexities in accessing and integrating data from a variety of sources.

VSpring Capital, an existing investor, led the third round, which included contributions from hedge fund GMT Capital and existing investors Sequel Ventures, ITU Ventures, and BMJP. Back in 2002, ITU Ventures led XAware's first round of funding, which raised $2.1 million.

"In the short time since the XAware open-source project was announced, we have had an exceptional number of visitors to XAware.org and thousands of downloads of XAware 5," Tim Harvey, XAware chief executive, said in a statement. "This funding will enable us to focus on rapidly expanding our community development and support activities."