RealTime IT News

Arts Alliance Leads UBUBU Investment

Transatlantic venture capital company Arts Alliance is leading a £1.25 million ($2 million) investment in UBUBU, a San Francisco-based developer of Web community tools.

Advanced Technology Ventures is co-leading the investment, which will help the start-up company to become established in the market.

UBUBU -- pronounced "you be you be you" -- aims to redefine the desktop as a personalised communication platform.

"We are delighted to be involved in a bold concept, and UBUBU is one of the boldest we have seen," said Thomas Hoegh, founder and managing director of Arts Alliance.

"Community sites are in their infancy at present, yet some existing sites have already shown signs of stagnation. I believe that successful Internet community sites will become pivitol in shaping the online world."

Thomas Hoegh went on to describe UBUBU as "passionate, capable, and shrewd enough to be a key player" in the burgeoning Internet community market.

UBUBU was founded by seven people with backgrounds that include many top names in the industry: Disney, Electronic Arts, Oracle, Silicon Graphics, Voyager, McKinsey, BCG, and institutions such as Stanford and MIT.

One of UBUBU's features is a "viral model" that will benefit major Web brands by improving the connection to consumers.