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Intel spinoff snags $15 million in funding

DevelopOnline.com, which aims to speed online software development, says it has received first-round funding from 3i Group and Carlyle Venture Partners.

Intel spinoff DevelopOnline.com today said it has received $15 million in first-round funding.

DevelopOnline said it speeds online software development by helping software developers or technology-savvy consumers build applications for Web devices, like a Net-enabled cell phone or handheld.

The new company will use the funding to support ongoing beta testing of its product and to pursue partner and service relationships, the company said in a statement.

The concept for the new business was developed by a group of Intel employees, along with researchers at the University of California at Berkeley and Harvard University, and 10 other companies that collaborated on the technology.

"Our venture capitalists realize this is about time to market. It's about building on what already exists and being able to truly focus on the passion of inventing," said Alan Steinberg, chief executive officer of DevelopOnline.

The Tempe, Ariz.-based technology firm received first-round funding from 3i Group and Carlyle Venture Partners, an affiliate of The Carlyle Group.