FaceTime Communications Inc., which provides software for managing instant messaging and peer-to-peer traffic, said this week it has received a $16 million round of funding.
The funding comes at a time when the IM industry is in flux, with the exit of America Online Inc. and Yahoo! Inc. from the enterprise space and the first substantial moves towards interoperability coming from Microsoft Corp.
It appears that these changes may have positioned FaceTime better to exploit the growth of IM. Its strategy has been to be network-neutral, providing security and management functions to all three major public IM networks.
We started looking for $10 million to $12 million in early July, said Christopher Dean, senior VP of business development and strategic marketing at the company. This was the fastest funding round I’ve ever seen, and it came in oversubscribed at $16 million.