Laszlo Systems Secures $8 Million in Series C Funding
WI Harper Group Leads Existing Investors in a Financing Round to Drive Laszlo's Future Growth and Widespread Market Adoption
By: PR Newswire
Sep. 30, 2006 10:45 AM
SAN MATEO, Calif., Sept. 6 /PRNewswire/ -- Laszlo Systems, the original developer of OpenLaszlo, the leading open source platform for building and deploying advanced Ajax applications, today announced the completion of an $8 million Series C round of funding. New investor WI Harper Group led the round, joining existing investors General Catalyst Partners, Sofinnova Ventures, Mitsui & Co. Venture Partners, and other private investors.
Laszlo will use this round of funding to expand its sales and marketing initiatives, accelerate platform and product development efforts, and further strategic partner programs. Laszlo will also continue to build on the market success to date of OpenLaszlo, adopted by tens of thousands of developers and a broad range of institutions and enterprises, including over a dozen members of the Fortune 100's largest corporations.
In addition, Laszlo announced that WI Harper Group's Managing Director, Claude Leglise, has joined Laszlo's board of directors. Leglise combines extensive global venture investing experience with a long track record in technology marketing and operations, gained during his 23-year career at Intel, including several years as Vice President of Intel Capital. At WI Harper, Leglise specializes in capitalizing on cross-border growth opportunities between the U.S. and Greater China.
"Laszlo's success to date is impressive and the company possesses all the crucial elements for continued growth: market readiness, proven adoption, ability to execute and future vision," said Leglise. "We look forward to working with Laszlo's seasoned management to realize the potential of this company and its technology in the rapidly expanding market of rich web applications."
Laszlo's Chairman and CEO, Steve Ciesinski, said, "We're delighted to have WI Harper lead this round of investment, along with the continued support of General Catalyst, Sofinnova and Mitsui. This capital will help to drive further distribution of our platform and technology, and assist us in bringing even more new products to market."
Ciesinski continued, "Having Claude Leglise join our Board also brings great value to Laszlo. He is a respected investor in Silicon Valley with extensive international relationships, and we look forward to the lasting, positive impact he's bound to have on our company."
OpenLaszlo is an open source platform for developing web applications that are as feature-rich and robust as desktop applications, without requiring the installation of any new software. Worldwide adoption of the platform spans virtually all market sectors, including enterprise, HR, government, telecom and consumer-related financial services. To learn more about OpenLaszlo, visit http://www.openlaszlo.org/. Training and support for OpenLaszlo, including tutorials on Laszlo's dynamic language, LZX, are available at http://www.laszlosystems.com/.
The WI Harper Group
The WI Harper Group works with entrepreneurs who target growth opportunities in Greater China as a key objective for their businesses. WI Harper pioneered the concept of building a business bridge across the Pacific Ocean for early stage IT and life sciences companies. Through its well- established network of leaders in manufacturing and distribution enterprises, government agencies, and potential customer organizations, the firm helps its companies develop and execute their China strategies. Since 1996, WI Harper has backed over 75 emerging companies in Mainland China, Taiwan and the United States, resulting in 15 IPOs and a number of M&A transactions. Investment professionals in Beijing, San Francisco and Taipei manage over $300M in assets. For more information, visit http://www.wiharper.com/.
About Mitsui & Co. Venture Partners
Mitsui & Co. Venture Partners (MCVP) is a provider of early stage venture capital for various types of U.S. technology firms with special expertise in helping to build their businesses globally. Over the years, they have invested in breakthrough technologies in the communication, software, information series, life science, and medical device industries and accelerated their growth. Located in New York, Silicon Valley, and Tokyo, MCVP currently manages over $250 million in capital. For more information about MCVP, visit http://www.mitsuivp.com/.
About General Catalyst Partners
General Catalyst Partners is a venture capital firm that invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst has approximately $1 billion under management and is headquartered in Cambridge, Mass. For more information, please visit: http://www.generalcatalyst.com/.
About Sofinnova Ventures
Sofinnova Ventures is a venture capital firm emphasizing a diversified investment strategy through financing early stage companies in the life science and information technology sectors. Founded in 1974, the San Francisco-based firm currently has $600 million under management. Sofinnova's mission is to create value by providing entrepreneurs with the resources, experience and networks necessary to turn their bright ideas into thriving businesses. With deeply rooted ties to Europe's leading financial, technology and venture institutions, Sofinnova is also uniquely positioned to foster trans-Atlantic synergy and market acceleration. For more information, visit http://www.sofinnova.com/.
About Laszlo Systems
Laszlo Systems is the original developer of OpenLaszlo, the leading open source platform for building and deploying Web 2.0 applications. OpenLaszlo technology has been widely adopted by application and service providers in the consumer, enterprise, education and government markets. Laszlo Systems provides updates, training and support for OpenLaszlo and offers rich- experience web-based digital life applications such as Laszlo Mail, built on OpenLaszlo. For more information about San Mateo, Calif.-based Laszlo Systems, visit http://www.laszlosystems.com/.
Note to editors: Laszlo is a registered trademark of Laszlo Systems, Inc. All other products and brands mentioned are trademarks and/or service marks of their respective owners.Laszlo Systems, Inc.
Reader Feedback: Page 1 of 1