Battery Ventures Invests $6 Million in EC Cubed
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Battery Ventures in Wellesley, MA said it invested $6 million in e-commerce company EC Cubed of Wilton, CT as part of a total financing round of $11.5 million.
Joining Battery are BancBoston Ventures, Walden Group of Funds and Crystal Internet Ventures. Tom Crotty, general partner of Battery, will join the EC Cubed board of directors.
Founded in 1996, EC Cubed is a provider of application components for the business-to-business electronic commerce marketplace. Its cross-application components are designed to allow organizations to build e-commerce applications that extend a customers' unique business processes outward to their business partners.
Development partners and charter clients, including Gartner Group, TPN Register and TransAmerica Leasing Corp.
"It is clear that EC Cubed has superior e-commerce component technology," said Crotty. "With $11.5 million in financing, the company can now execute its sales and marketing strategy and dominate the market."
EC Cubed products include ecWorks, a series of application components that serve as the cornerstone of business-to-business e-commerce solutions.
Battery Ventures is a national venture capital firm founded in 1983 specializing in investments in early emerging companies in the communications and software industries.