RealTime IT News Secures $29M in First-Round Financing

Start-up Web-based service, which provides a free graphic interface and application platform for the Internet, closed on $29 million in its first round of financing.

Investors include Accel Partners; the executives of Kohlberg Kravis Roberts & Co.; and Sequoia Capital. will use the funds to market and launch the service this fall.

Computer industry pioneer Mitch Kapor of Accel Partners will serve as a director on the board. He was the founder and CEO of Lotus Development Corp/ and the designer of Lotus 1-2-3.

"Accel Partners is honored to be part of the team and believes the company is creating an innovative, powerful online experience that will appeal to everyone on the Web," said Kapor. "By wrapping this experience around an open development platform, will empower the tens of thousands of developers who want to share their creativity and expertise with millions of Web users."

From any net-connected PC running a standard Web browser, users will be able to create and access their own customized Web desktop that integrates the sites and services they use. users will also be able to select and use a number of next-generation Web applications built on the platform -- a platform designed so that anyone can contribute an application.'s founding team is composed of Katie Burke, Larry Drebes, and Karen Drebes. Katie Burke and Larry Drebes were part of the original team that invented and marketed Four11's Web-based e-mail service RocketMail, later purchased by Yahoo!.