Business: CrossWeave develops a software platform that allows enterprises to repurpose and combine Web applications.
Headquarters: Oakland, Calif.
VC raised to date: $11.2M
Capital raised one year ago: $8.1M
Investors at that time: Norwest Venture Partners, Sutter Hill Ventures, Redpoint Ventures.
Plans one year ago: CrossWeave planned to use the proceeds from the round to ramp up its research effort, and bolster sales and marketing capabilities. It also planned to hire another five employees, and raise between $10 million to $30 million in an additional private equity funding in late 2002.
Status: This year, CrossWeave gained some (undisclosed as yet) paying customers and started generating revenue. The company is about the same size, although some departments expanded while others shrank. Two months ago, the company shifted its focus from composite applications to portal products, based on work so far with its existing customers. It also has launched several upgrades to its server products, which are now in beta with a new visual development tool, CrossWeave Web Services Builder. “We do plan to raise another round of private equity in the first half of next year, but it’s too early yet to say how much,” says Kevin Tsurutome, CrossWeave’s vice president and co-founder.