RealTime IT News

VCs Provide Centerstone's Foundation

Centerstone Software, a Westwood, Mass., application service provider (ASP), has raised $5.5 million in first-round financing for product development and sales and marketing.

Boston-based Egan-Managed Capital was the lead backer. Corning Technology Ventures, Massachusetts Technology Development Corporation and Trans National Group also participated.

"The Centerstone management roster is graced with both strategic depth and tactical skill," said Bob Creeden, general partner for Egan-Managed Capital. "We are excited to partner with such a strong founding team. Centerstone is well-positioned for strong growth and product expansion."

Centerstone's flagship product, e-Center One, helps corporate managers track real estate portfolios, floor plans, equipment locations, personnel attributes and lease information, on a subscription basis.

e-Center One is designed to interface with multiple computer aided drafting products and integrate with a company's existing software programs.

"The fact that this distinguished group recognizes the value of our offering to better manage the Workplace is a true testament to our vision and business model," said Mathew Meyer, Centerstone's CEO and founder.

Centerstone began in 1995 as an internal division of a large Bay State architectural firm. It spun off in early 1999 and began focusing on workplace management software. Its e-Center One offerings was introduced in May of 2000, and is in its third version.