Premium content from Philadelphia Business Journal – by Peter Key, Staff Writer
“CONSHOHOCKEN — A company that develops software to manage the process of accepting, reviewing and awarding grants and scholarships has raised from $1 million to $1.5 million in venture capital.
WizeHive Inc. raised the money from two local angel groups — Robin Hood Ventures and the Mid-Atlantic Angel Group — as well as Ben Franklin Technology Partners of Southeastern Pennsylvania and some private investors, according to its CEO, Michael Levinson.
The financing is the third for WizeHive, which was founded as PivotPoint Software by Levinson and its chief technology officer, Alan Carson, in late 2007. The company was approved for a $150,000 investment from state-funded Ben Franklin in August 2009 and raised a small amount of money last year from Ben Franklin and Robin Hood, Levinson said.
WizeHive plans to use the money to take advantage of expansion opportunities that began opening up to it last summer when it decided to scrap its plan to provide Web-based collaboration software and focus on enabling users of its software to gather information, collaborate on decisions about the information and move the information through a process…”