Texas Venture Capital Firms Put Up $43.5 Mil for Austin, Richardson Businesses

AUSTIN-Central Texas venture capital firms are putting up $43.5 million for two businesses in Austin and Richardson. Times N Systems Inc., based here, a computer systems developer for powerful multi-processor solutions, will receive $11.5 million Series B financing from Convergent Investors, Sternhill Partners and Series A investor, Austin Ventures. Time N Systems, founded in 1999, had received $4.1 million in first-round funding in June 1999.

The latest round of financial support will be used for continued development and bringing to market its Teaming technology for scaling storage and clustered computing environments.The technology harnesses maximum computing power by utilizing resources across many computers in a cost-efficient way to increase total system and application performance.

In a deal sealed last week, Dallas’ VocalData has been given $32 million in new equity from Austin Ventures and Trinity Ventures, co-leaders of the Series B round. Series A investors participating in the funding are Science Applications International Corp., Chase Capital, Seed Capital Partners, Capital Southwest Corp. and Hickory Ventures. The Series A fund closed in fall 1999 and included lease financing from Silicon Valley Bank. To date, VocalData has raised $47.5 million.

The funding pact calls for Fred Wang, Trinity Ventures’ general partner, and Ed Olkkola, Austin Venture’s general partner, to sit on VocalData’s board of directors. VocalData develops and markets service delivery softswitches and enhanced services platforms for communications carriers. The latest funding round will be used for branding and development.