Fifth Generation Systems Inc., a Roslyn, N.Y.-based maker of social computing platforms, has raised $5.3 million in Series B funding. Backers include Irwin Lieber and Barry Rubenstein of Wheatley Partners, Persistency Capital, Gund Investment LLC and return backer Bergstein LLC.
Fifth Generation Systems, Inc. (5g), creators of Zude, the social computing platform that provides users an unprecedented level of freedom and design customization, announced today the completion of Series B financing, totaling $5.3 million. Investors include Irwin Lieber and Barry Rubenstein of Wheatley Partners, Persistency Capital, and Gund Investment, LLC., with additional funding by Bergstein, LLC. 5g will use this new round of financing to accelerate product development and expand its user base.
In addition, 5g announced the appointment of Dan Bricklin, co-creator of VisiCalc, and Barry Rubenstein of investment firm Wheatley Partners, to its board of directors. They join current board members: Stephen Winningham, Managing Director and Global Head of Financial Institutions for Lloyds TSB; Daniel Bergstein, chair of Hastings, Janofsky & Walker's International Telecommunications and Media Practice Group; and Warren Thaler, president of Gund Investment Corporation; in addition to co-founders Jim McNiel and Steve Repetti.
“These new additions to the board will help keep 5g at the forefront of business and technological innovation.” said Jim McNiel, 5g CEO. “Dan Bricklin brings incredibly deep software expertise to the table. Barry Rubenstein brings a wealth of experience with tech ventures. Together, they add invaluable tech leadership to our company.”
McNiel also announced the appointment of technology entrepreneur Brian Young as senior vice president of business development. Before joining 5g, Young was founder of Hampton Technology Ventures, an early stage technology investor, as well as founder and CEO of Thor Technologies, Inc. a pioneer in enterprise-provisioning and access rights management software.
“With this new round of financing, the addition of new board members and the appointment of a business development veteran, an already fast-growing 5g is better positioned than ever for greater growth and expansion,” said McNiel.
Board Members Enhance 5g's Tech Leadership
Board Member Dan Bricklin is currently president and founder of Software Garden, Inc., a small consulting firm and developer of software applications. He is best known for co-developing VisiCalc, the first electronic spreadsheet, while he was a student at the
Barry Rubenstein is general partner and co-founder of Wheatley Partners. He has been a founder of several technology companies. He co-founded Woodland Venture Fund in 1976 and Seneca Ventures in 1979. Together, these partnerships have invested in more than 200 private and small capitalization public technology companies. Mr. Rubenstein was also a general partner of 21st Century Partners, a private equity partnership.