Software company snags $32 million

Software company Kenamea raised $32 million in its latest round of funding from investors including Azure Capital Partners, Lightspeed Venture Partners, Crosspoint Venture Partners, and Palm Ventures, an investment group of handheld device maker Palm. Kenamea said it will use the funds to launch its product, including spending for business development, sales expansion, and setting up customer support. Founded in 1999, Kenamea developed a technology to build and create applications for the Web through which it plans to provide a faster and more reliable way of exchanging data over existing communications networks. The company said it raised a total of $40.5 million in venture funding. Palm invested in the San Francisco-based company in February but did not disclose the amount of its investment.