Closes Series "A" Financing and names New Team of Advisors
Wells Fargo and eCompanies Venture Group Are Strategic Investors
San Francisco -May 2, 2000
Inc.), a leading provider of advanced digital exchange technology for
B2B net marketplaces, announced today the closing of series "A" financing
that includes Wells Fargo and eCompanies Venture Group as investors. The
funding is the first phase of a multi-stage investment that will facilitate
expansion into additional vertical and global markets.
Bizbots' robust 100% Java agent-enabled marketplace engine enables
companies to create powerful, real-time, double-sided net exchanges. The
Bizbots exchange engine matches suppliers and buyers based on any number
of industry-specific product characteristics or trading qualities. Through
Bizbots' newly formed strategic alliance program, it's exchange engine
will be integrated with other eCommerce technologies to support the straight-through
processing of trading, shipping, settlement and clearance processes.
"Our agent-enabled marketplace offers intelligent real-time B2B exchanges
that no other competitor can currently match," said Moses Ma, founder
of Bizbots, Inc. "We are pleased to have such sophisticated investors
as eCompanies Venture Group and Wells Fargo partnering with us at to take
advantage of the exponential growth in the B2B market"
"Bizbots brings a strong vision, a great team and patented software to
the digital exchange market," said Tim Spicer, general partner of eCompanies
Venture Group. "This market has a huge upside, and Bizbots is well positioned
to take a leadership role, which makes our partnership a sound investment."
"We are partnering with leading platform providers, marketplaces and technology
leaders to establish our Internet Payments Solutions across a wide spectrum
of e-marketplaces and trade exchanges," said Steve Ellis, executive vice
president, Wholesale Internet Solutions. "Our strength in financial services,
coupled with our expertise across a broad range of leading industries,
will be key to positioning us in diverse markets."
Bizbots also named a team of strategic advisors who will provide direction
for the next phase of the company's growth. The new advisors include:
- Bob Bressler,
Technical Advisor - VP and Chief Scientist, Networking, for Sun Microsystems.
R. Ewing, Technical Advisor - President of D.R. Ewing & Associates,
C. Whiting, Strategic Advisor - Managing Partner of Brownstone Ventures.
"Networking and the Internet are changing faster than ever, and the work
Bizbots is doing will help shape the future of commerce on the web," stated
Bob Bressler, chief scientist, Networking, for Sun Microsystems. "My expertise
in charting the future of networking will help guide the company as it
leads the market with its advanced product offering."
"I am excited to assist Bizbots as it goes out into the emerging B2B exchange
marketplace," said David Ewing, president, D.R. Ewing & Associates, Inc.
"As former CIO of E*TRADE, I can leverage my technical Internet experience
to help Bizbots maximize its product offerings and leapfrog the competition."
"Bizbots' approach to building an open and extensible net marketplace
platform is an important next step for eCommerce," said Randall Whiting,
managing partner of Brownstone Ventures and former president and CEO of
CommerceNet. "My experience in establishing industry-wide eCommerce trading
communities and collaborative efforts for interoperable eCommerce will
help Bizbots leverage its unique capabilities throughout the industry."
Bizbots was founded in 1997 through a National Institute of Standards and
Technology (NIST) grant to design and deploy next generation standards for
electronic commerce. The successful completion of this work led to the creation
of Bizbots' advanced digital exchange engine. Bizbots' 100% Java agent-enabled
marktplace allows companies to create powerful, real-time, dynamic, multi-buyer/multi-seller
digital exchanges. The Bizbots e-commerce solution is massively scalable,
fault tolerant, and supports advanced features such as multiple trading
qualities, aggregation, haggling, risk determination, reputation management,
real-time access to trading history and transaction fulfillment. For additional
information about the Bizbots agent-enabled exchange engine visit www.bizbots.com
or call 1-877-414-BOTS (2687).
About eCompanies Venture Group
Established in June, 1999, eCompanies combines an execution-driven Internet
incubator, eCompanies LLC, with a strategic venture fund, eCompanies Venture
Group L.P. In addition to Bizbots, eCompanies Venture Group representative
portfolio companies include eWork, Go2Systems, X:Drive, eHobbies and employeeservice.com.
Additional information is available on the company's Web site, http://www.ecompanies.com.
About Wells Fargo
Wells Fargo & Co. (NYSE:WFC) is a $222 billion diversified financial services
company providing banking, insurance, investments, mortgage and consumer
finance services through 5,300 stores, its Internet site (www.wellsfargo.com)
and other distribution channels across North America, as well as internationally.
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