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Tech Industry

Cast Iron raises $8.3 million

Business software maker Cast Iron Systems said Tuesday that it has raised $8.3 million in an initial round of venture capital financing. Sequoia Capital and Norwest Venture Partners led the round. Mountain View, Calif.-based Cast Iron also recently appointed former Tibco Software executive Fred Meyer as its chief executive officer. Cast Iron, formerly named IronHide, makes software designed to help companies relay data among incompatible computer systems.

The company, which had been operating in stealth mode for the past two years, offers a cheaper alternative to "application integration" packages from Tibco, WebMethods, BEA Systems and others, Meyer said. Cast Iron's software starts at $30,000, about a tenth of the cost of most competing systems, he said. Companies can use the technology to route orders to suppliers and keep business records up to date, Meyer added.