VC watch: Onset Tech gets $3.5 million
Onset Technology raises $3.5 million...RouteScience snags $30.5 million...Mi8 grabs $5 million.
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Monday's deals
• Onset Technology raised $3.5 million in a second round of funding. The cash infusion came from previous investors including the Challenge Fund, the FLV Fund, Hollinger Digital, the Intel Communications Fund, MAG Ventures and Poalim Electronic Communication. Onset makes software that enables people to read and print e-mail attachments on wireless devices. The software also converts incoming faxes into e-mail that can be edited and sent to wireless devices. Onset secured $9 million in its first round of funding in June 2000. The Santa Cruz, Calif.-based company launched in 1997 and operates a research and development center in Israel. Onset plans to use the funds to expand its sales and product-development efforts.
• RouteScience raised $30.5 million in a second round of funding led by new investors Sevin Rosen Funds and Foundation Capital. Previous investors Sequoia Capital and Benchmark Capital also contributed to the round, bringing the total amount raised by the San Mateo, Calif.-based company to $56 million since its launch in December 1999. RouteScience makes routing equipment that assists businesses in managing Internet traffic. For example, a stock brokerage site could use RouteScience's gear to determine which of its Internet service providers is the fastest and most efficient at a certain time and then direct outgoing Internet traffic through that route.
• Mi8 received $5 million in funding from private investors. The New York-based application service provider takes pricey enterprise software and turns it into services that companies can rent and use in a subscription model. Mi8 said it would use the funding to expand its sales force and for daily operations, among other things.