Klir Technologies gets venture capital

Klir Technologies plans to announce today that it has raised $8.7 million in venture capital to support the sale of software that helps companies track technology investments.

The Seattle company raised the money in the first few months of the year, a large step forward compared with how it nursed $3.2 million from angel investors over its first four years, while founders lived off of second mortgages and worked out of their homes, said Chief Executive James Maiocco.

"We kept cost controls tight and focused our energies on hardcore development," he said. "It was very difficult for startups in 2000-03. I’m not trying to paint any type of rosy picture. Very few companies were able to get started and survive."

Investors in the round include Ignition Partners, MK Capital and Fluke Venture Partners.

Klir develops subscription-based software that helps companies with $500 million to $1 billion in sales analyze and track their technology investments.

By Tricia Duryee

Seattle Times technology reporter

Full Story: http://seattletimes.nwsource.com/html/businesstechnology/2002297155_klir03.html

*************

Venture Capital: Tough times — and how one startup made it

By JOHN COOK
SEATTLE POST-INTELLIGENCER REPORTER

In many respects, November 2000 was one of the scariest times to start a software company. The Nasdaq was at the beginning of a 30-month slide, dot-commers were losing jobs by the hundreds, the presidential election remained undecided and venture capitalists were hiding under rocks in hopes that everyone would forget the craziness of the past few years.

But amid this tumultuous period, a small group of Seattle-area entrepreneurs started developing a new product to help companies better manage their technology investments.

"It was pure grit and determination as far as staying funded and staying in business during that time frame," says James Maiocco, who mortgaged his house in order to start Klir Technologies. "There was not a lot happening in the venture capital markets at that time, so we stayed very small and lean."

Full Story: http://seattlepi.nwsource.com/venture/226952_vc03.html