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Demoxi, which is announcing $1.5 million in funding today from Monster Venture Partners and others, is only a few months old. But the technology behind the company goes back 11 years to the beginning of VoteHere.net, a Bellevue online voting startup that -- despite raising more than $20 million -- never really took off.
In today's column, I talk about some of that history and how Demoxi plans to use 50 patents from VoteHere (and its predecessor company Dategrity) to create a new way for people to manage their passwords and personal information online.
Restarting a company with existing technology is nothing new. Issaquah's BioPassword -- an online security startup backed by OVP Venture Partners and Ignition -- was reborn in 2002 when Hollywood movie producer Mark DiSalle purchased the technology in an asset sale. Electronic signature startup DocuSign, also backed by Ignition, is a restart from a company called DocuTouch. Seattle's TripHub also has been revitalized after hitting the wall during the dot-com bust.
Northwest Venture Associates' Tom Simpson, an original investor in Dategrity/VoteHere and a board member at Demoxi, said the original concept at VoteHere didn't develop as quickly as the company thought. But he expressed confidence that the cash and brain power that went into the idea can be reused at Demoxi.
"The advent of social networks, and the growing popularity of them, provides an ideal near-term opportunity to deploy Dategrity's intellectual property. It is a broader market opportunity than just
elections, less seasonal and it does (not) require the endorsement of any governmental agency," he said.
Demoxi is the latest investment for Monster Venture Partners, a new Seattle area firm led by Global Market Insite founder Rob Monster.
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Posted by unregistered user at 7/20/07 8:57 a.m.
Yet another secure ID play + yet another ad play = a potentially tough go. One of the firms mentioned above is already having difficulties, and transferring some of the old VoteHere crew is hardly a ringing endorsement for successful growth and market vision.
m