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Electron Economy Secures $70 Million Investment

Logistics outsourcer and Internet transaction operations network Electron Economy secured $70 million in a second round of funding led by Softbank Capital Partners.

Other investors included Softbank Venture Capital, Chase Capital Partners, Flatiron Partners and Crosspoint Venture Partners.

In January the company launched Internet TONE, its Internet Transaction Operations Network, and its first service, E-Commerce Operations Management, which together form an open and extensible solution for managing e-business operations.

Electron Economy said it would use the funds to accelerate implementation of the service and to launch an Electron Economy developer program as well as international operations.

"As more companies leverage the Internet to streamline communications within the supply chain and to the customer, Electron Economy is positioned to revolutionize the industry with its vision of building an open exchange that connects suppliers and customers," said Masayoshi Son, president and chief executive officer of Softbank Corp. oration.

"We believe that the company has the right vision, management and technology to realize its exceptional potential for market leadership."

Electron Economy's technology platform is an open and extensible Internet commerce network that links producers, manufacturers, distributors, logistics companies and customer support providers.

Partner companies include ATG, Avicon, Aztec Software, BEA Systems Inc., Corporate Express Delivery Systems, CyberSource, Exodus, PeopleSupport, SubmitOrder.com, TeleQuest, USF eLogistics and USCO Corp. The network has already been connected to Federal Express, United Parcel Service, and the United States Postal Service.

Electron Economy's first service offering integrates a company's online storefront with all back-end logistics processes, including financial settlement, warehousing, delivery, customer interaction and business reporting. Clients include Basement.com, Egghead.com, HardCloud and style365.com.