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TellMe Networks co-founder Angus Davis has $875,000 in venture funds to start a new company.
The equity investment in Providence-based Swipely Inc. came from Philadelphia-based venture firm First Round Capital, and Davis himself. There will be more investors coming in on the Series A round, Davis said.
Davis left Microsoft Corp. (Nasdaq: MSFT) this spring, about two years after the company acquired TellMe, a voice-recognition software company Davis helped found in 1999, for a reported $800 million. He has been looking for a new startup opportunity since.
He declined to offer any details about what Swipely is doing, beyond saying the company is hiring consumer web developers. The company currently has five employees, he said, half of whom commute from Boston.
The company is reimbursing its Bostonian employees for their Amtrak ride to the Ocean State. “The toughest part about that commute is getting to South Station,” said Davis, who lives in Providence.
First Round managing partner Josh Kopelman led the round, Davis confirmed. He will take a board seat at the company, according to a regulatory filing posted recently.
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