| March 28, 2006 | Press Release |
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| Coghead Secures $3.2 Million in First-Round Funding from El Dorado Ventures |
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| Portfolio Company: Coghead |
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El Dorado EIR Paul McNamara Takes the Helm as CEO of Coghead
REDWOOD CITY, Calif. – March 28, 2006 – Coghead today announced it has secured $3.2 million in first round financing from El Dorado Ventures, a leading entrepreneur-focused early-stage venture capital firm. Coghead (formerly Versai Technology) is pioneering the next era in software by developing a simple, powerful new way to create web-based business applications that can be used by anyone, anytime, anywhere. Investment proceeds will be used to further support product development, sales, and marketing activities.
“Technology should make people more efficient and more agile. But in that regard, the software industry has failed its customers. We started Coghead because we believe there’s a need to simplify software – and in turn, free users from being mere cogs in the big software machine,” said Paul McNamara, Coghead CEO. “Cogheads are the mavericks and innovators that embrace the power of the internet and see the immense opportunity that comes with the ability to quickly and easily create and deploy web applications.”
Founded in May 2003, Coghead is staffed by industry veterans, serial entrepreneurs, and some of the brightest minds in software. Coghead CEO, Paul McNamara was formerly entrepreneur-in-residence at El Dorado Ventures and held executive management positions at SGI and Red Hat. Before founding Coghead, CTO Greg Olsen co-founded Extricity, a business-to-business integration platform provider that was acquired by Peregrine Systems. He also managed projects at EIT (Enterprise Integration Technologies), one of the first Internet technology companies. For the Coghead team’s thoughts on entrepreneurship, the internet, and the state of the software industry, go to Greg and Paul’s blog at http://www.charterstreet.com.
“We’re thrilled to announce the launch of Coghead, which was formed while Paul McNamara was an entrepreneur-in-residence at our firm,” said Charles Beeler, general partner at El Dorado Ventures. “Paul and Greg make a great team and we look forward to helping them grow Coghead into a major player in the software-as-a-service sector,” he added.
The Coghead solution – an on-demand application delivery service -- is currently under development and a beta version is expected to be available in May 2006. For more information and to register to preview the product, visit the company’s web site at http://www.coghead.com.
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