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RealTime IT News

Hyperwave Raises $18M

Hyperwave, a German maker of knowledge management software with U.S. headquarters in Westford, Mass., has raised $18 million in new financing to bolster its sales organization, enhance its technology and possibly make acquisitions.

Previous backers, DVC, 3i, Atlas Venture, HiTech and new investor e-millennium, participated in the round. e-millennium is a venture capital fund focused on telecom, media and technology sector.

"Based on the combination of cost-cutting strategies and the new equity capital gains, Hyperwave has consistently laid the foundation to become one of strongest and most successful vendors of Web-based enterprise wide and inter-organization knowledge management solutions," said Gerhard Pail, the company's CFO.

The 5-year-old company's software is used by BMW, DaimlerChrysler, McCann-Erickson, MetLife, Havas Advertising, Universal Music, Siemens, and the U.S. Department of Defense, among others.

Hyperwave's financing comes just days after it signed a significant partnership with the services arm of Compaq . Under that pact, Hyperwave and the Houston computer giant will work on software projects beginning in the United Kingdom, Ireland and Europe and eventually North America.

Privately held Hyperwave also has offices in New York, the United Kingdom and France, and maintains a research and development center in Austria.