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in a seedfunding round, the firm said today. The funding came from Miramar Venture Partners and CityHill Ventures. The funding will go towards development of its product line, distribution, and go-to-market and pilot programs. The firm also said it has received $200,000 in debt from Silicon Valley Bank.
Snyder has been involved in seedfunding and founding such companies as Netboost (acquired by Intel), Jibe Networks, and Proxinet (acquired by Puma Technologies). FastSoft is venture backed by Miramar Venture Partners, and is a spinout of Caltech. Edward Synder as the firm's CEO. FastSoft founder Steven Low remains as chairman.
We now have seven companies, and have our own venture fund as well, and we'll be doing four or five for the next few years. We have our own small seedfund, which we trigger to fund that company and hire a team, a CEO and a CTO. On the customer side, we have companies like Samsung, GE, Kaiser Permanente, Accenture.
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