The funding round for Radar Networks that we briefly mentioned last week has been officially announced. It turns out that the company took $13 million more, and added Ross Levihnson, the former News Corp. exec and head of Myspace, to its board of directors.
We spoke with CEO Nova Spivack toward the end of the week, and he filled us in on a few more details. Twine, the semantic application aimed at collecting and organizing information for business professionals (more background here), has been in a limited beta with only a small group of users coming on since it was announced last October.
Early next month, Spivack plans to release a new version, and simultaneously open up further and let in some press (so we’ll finally have a full review of the site). Then, over the two months following, Twine should open fully.
However, Spivack says that the features new users will find on the site are only about 10 percent of what’s planned over the next year or two. Eventually, with the help of Levihnson, he hopes to make Twine an “on-ramp to the Web”.
What does that mean, exactly? We’ll have to wait to see the details, but the end result may look something like a combination RSS reader, wiki, and communication tool that keeps itself updated and organized.
The $13 million round was led by Levihnson and Baris Kardogan at Velocity Interactive Group. Previous investors Draper Fisher Jurvetson and Vulcan also participated. The company has taken $20 million to date, including its $5 million first round funding and $2 million of venture debt.