EProject, a Seattle, Wash. company that offers a Web-based collaborative project and portfolio management software, said it has raised a second round of venture financing totaling $12 million.

The round was led by Bay Partners and included previous investor Kennet Partners.

The product is just one of many companies offerings a way for groups of workers to have chat-like discussions to speed up decision making processes, and to do things like build applications on the fly and to edit existing applications.

The company says 650 companies are using its software.

It is a dot-com survivor. The Seatte PI has more details here.

Update: VentureWire (sub required) has more: The post-money valuation of the company is $54 million, up from $14 million after the company’s $10.5 million round last summer, Jeff Pancottine tells the publication.