United Devices gets US$18.2 million additional capitalAustin 27 August 2001 United Devices, a distributed computing software and services company, has secured $18.2 million in series B funding from a blue chip group of leading venture capitalists and global corporations. GE Equity, the private equity-investing arm of GE, and Constellation Ventures led the funding with AOL Time Warner Ventures, Intel Capital, and 550 Digital Media Ventures, a Sony Group company, also participating in the round. Previous investors SOFTBANK Venture Capital and Oak Investment Partners invested as well. United Devices will use the funding to help build its sales team, accelerate product development, and increase marketing initiatives.
United Devices' technology aggregates unused computing and storage resources on corporate desktops via the MetaProcessor platform. These aggregated resources power applications in a wide range of markets, including life sciences, geosciences, manufacturing, and digital media. "We believe that now is the time for global corporations to take advantage of the huge performance improvements and ROI made possible by edge distributed computing," said Ed Hubbard, Chief Executive Officer of United Devices. "This funding will be used to help us extend our leadership in the space and help ensure that United Devices' MetaProcessor platform becomes a critical piece of corporate technology infrastructures." As part of this funding, United Devices will add three new board members: Keith Miller from GE Equity, Ron Celmer from Constellation Ventures and a yet to be named individual from Oak Investment Partners.
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