According to a report in today's Colorado Springs Gazette, by Wayen Heilman, XAware, a software development company based in Colorado Springs has received a venture capital investment of $7.4 million. The group is composed of vSpring Capital, Sequel Venture Partners, ITU Ventures Inc., BMJP LLC and GMT Capital Corp. All but GMT have made previous investments in the company. Venture firms now own more than 50% of XAware.
The funds are expected to see the company through to profitability, which may still be years off. XAware is transitioning to an open source business model in which they give away their software in the hopes of securing business on the support and services end.
The company's software is designed to manage and access data from a variety of sources. From the company's website: “XAware’s mission is to be the world’s most popular way of integrating data and applications.”
___Tim Harvey, XAware CEO
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