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United computes $18.2M.(United Devices Inc.)(Brief Article)
If the stereotypical workday is 9 to 5, that means your workplace computer is idle 16 hours a day. Making money off those 16 hours is what enabled Austin's United Devices Inc. to rake in $18.2 million in venture capital.
GE Equity, an investment arm of General Electric Co., and Constellation Ventures led the round. AOL Time Warner Ventures, Intel Capital and 550 Media Ventures also participated.
This funding brings total outside investments in the company to $31.2 million.
Ed Hubbard, CEO of United Devices, sees an opportunity for idle computers to work on other projects for companies.
The concept is called distributive computing - and …
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- GE Equity leads new $18M round for United Devices.(Brief Article)
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Newspaper article from: The Daily Deal
August 27, 2001
700+ words
