VC watch: Finaplex completes second round
Finaplex buttons up its $17.1 million second round...Veratium Software completes its first round of funding...iTracs receives an $8 million second round.
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Wednesday's deals
• E-commerce software maker Finaplex announced the completion of its $17.1 million second round of funding led by new investor Menlo Ventures, along with Softbank Venture Capital and First Republic Bank, which invested in Finaplex's $5.6 million first round in November 2000. Finaplex makes software for banks and brokerage firms that help manage the assets and investments of wealthy individuals. The San Francisco-based company will use the funding for its marketing and product development plans and for continuing its support of existing customers.
Tuesday's deals
• Canadian wireless software start-up Veratium Software zipped up its first round of funding for a total of $1.25 million ($2 million Canadian) from Bell Mobility Investments and RBC Capital Partners. Veratium will use the proceeds to introduce its primary software, Motivius, to more customers and to expand its product line. Companies install the software on their servers, which let people access applications and files on their work PCs with wireless devices like handheld computers, text pagers and cell phones.
• iTracs received an $8 million second round of funding led by Mercantile Capital Partners. Other investors included Citadel Limited Partnership and JI Ventures. Chicago-based iTracs has raised a total of $19.5 million. iTracs' software and hardware is designed to automatically monitor a company's network equipment from any supplier.