RealTime IT News

Thor Technologies Garners $8.3M in Initial Funding Round

ASP infrastructure software provider Thor Technologies, Inc. announced today that it has closed an $8.33 million initial round of funding with Pequot Capital Management. Thor plans to employ the funds for research, product development, marketing and recruiting.

In conjunction with this round of funding, James McNiel, Senior Vice President at Pequot, has been named to Thor's board of directors. McNiel has worked with such companies as Cheyenne Software, Spike Technologies and USWeb.

Based in New York City, Thor Technologies, Inc. is a privately held company offering complex process management solutions for emerging communications firms and ASPs. Previously known for its proprietary software, CarrierBase, an Operational Support Systems (OSS) platform for telecommunication carriers, Thor recently announced Xellerate, its new infrastructure platform for the provisioning and metering of network-deployed applications. Xellerate enables order entry, order management, application provisioning, scheduling, tracking, reporting, trending and usage metering.

Pequot Private Equity Group is the direct investment arm of Pequot Capital Management Inc, a leading investment fund group with more than $10 billion under management. Pequot Private Equity invests in young and growing companies in technology infrastructure, e-business, telecommunications and health care.