Innotas, a six year old company selling project management software, has raised $5.5 million in a second round of funding, according to VentureWire (sub required):

Founded as Project Arena in 2000, the Oakland, Calif.-based company raised its first financing from seed investor Cedar Circle LLP. In this latest round new investors ArrowPath Venture Partners and ComVentures joined Cedar Circle in putting up the Series B capital. Since the lean years, Innotas has managed to build a user base that includes 50 companies, including business units of large enterprises like Automatic Data Processing Inc. and Compugen Inc…

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